The Financial Conduct Authority has meted out a £1.8 million fine to Axa Wealth Services, part of the insurance and asset management group's UK business, for putting thousands of its customers at risk of buying unsuitable investment products.

The FCA said in a statement today that "currently, customer losses due to Axa's failings may be low due to movements in the stock market since the advice was given", although it has taken action "pre-emptively to ensure customers are provided with an opportunity to avoid potential losses during future stock market downturns".