In a "man bites dog" moment for the UK's Financial Services Authority, the regulator found itself the one paying a fine of sorts to one of the investment advisers it regulates. IFAonline reports that the FSA recently made a payment of £4,590 and issued an apology to an unnamed investment firm after it erroneously informed two of the firm's clients that the firm was unregistered and therefore not regulated.

As a result of the misinformation provided by FSA's customer contact centre, the firm's customers decided to take their business elsewhere, costing the firm £4,590 in lost commissions. The FSA made an additional payment of £500 to the individual adviser involved at the firm.

The FSA's payments followed recommendations made by the Complaints Commissioner, who reviewed the matter. The FSA says it has made changes to its processes as a result of the complaint.