Regulator Strikes Deal In Suit Against Financial Advisor

Law360, London (July 5, 2019, 4:34 PM BST) -- The U.K.'s City watchdog has agreed to drop a case accusing a financial adviser of providing unauthorized pension advice on investments that allegedly left savers thousands of pounds out of pocket after he pledged not to breach market conduct rules.

The Financial Conduct Authority’s claim against consultant Vrajlal Sodha — who traded as the second defendant in the case, MNS Financial Consultancy — has been discontinued in the High Court after the parties reached a deal on a package of terms to shelve legal proceedings, according to a consent order signed by Deputy Master Stephen Lloyd on July 3.

The regulator...

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