The Financial Services Authority has posted a fine on the three partners of the Sheffield mortgage broker Pace Financial Management with a collective fine of £50,000 for being unsuccessful to avert one of its own staff members from perpetrate fraud.

As per the regulator, the partners Paul Armitage, Huw Evans and Brian Smith declined to guarantee apposite coordination and controls that were in place to prevent financial offense, thus the regulatory body has imbibed a fine upon Armitage and Evans amounting £17,500 each and Smith £14,000.

The FSA proceeded after it found that an ex-adviser who departed from Pace in the year 2008 to join Derby-based firm Belmont had been performing the fraud while working at Pace.

The adviser, who was found guilty of committing 15 fraud offences, was discovered to have toiled along with the ex-partner of Pace.

As per the FSA, the Pace's partners botched to efficiently supervise the subordinates working at Pace who were in charge of the recruitment and supervision division.