The former stock exchange adviser for Rangers have been fined over £530,000 by the UK's finance watchdog.

Stockbroker Cenkos Securities, appointed as the Ibrox side's nominated adviser by Charles Green in 2012, was handed the hefty fine for failures in its role as an adviser to a scandal-hit technology firm.

The Financial Conduct Authority (FCA) said on Tuesday that Cenkos failed to carry out proper due diligence when recommending software company Quindell for a public offering on London's main market in early 2014.

The listing was ditched after Cenkos failed to satisfy the FCA's questions on the eligibility of its client to be listed.

Former Rangers chief executive brought in Cenkos as the Ibrox side's nominated adviser on the AIM market in September 2012.

Rangers were floated on the market three months later, trading above the 70p flotation price and exceeding its £20m target, raising £22.2m.

Cenkos said at the time Rangers' equity value could more than double in three years.

A criminal investigation into Quindell's accounts was opened by the UK Serious Fraud Office in August 2015.

Cenkos failed to have appropriate "systems and controls in place" across its sponsor services business and on a particular transaction failed to act in its role with the "level of diligence and professional care" that the FCA expects.

In early 2014, Cenkos represented to the FCA that Quindell was eligible for a premium listing when it had not carried out the requisite due diligence to ensure that this was correct.

Mark Steward, director of enforcement and market oversight at the FCA, said: "Sponsor firms have key gatekeeper functions to ensure a candidate for listing is eligible and so they must carry out appropriate due diligence to the requisite standards.

"The FCA will hold sponsor firms strictly accountable whenever these standards are not met given failure places both market integrity and the well-being of the investing public at risk."

Cenkos agreed to settle at an early stage of the FCA's investigation and therefore qualified for a 30% discount.

Were it not for this discount, the FCA would have imposed a financial penalty of £757,800 on Cenkos.

Rangers brought in Cenkos Securities in September 2012 to assist with plans to "raise additional capital for the club".

Then-chief executive Charles Green released a statement at the time saying: "We are pleased to announce that we have now appointed Cenkos Securities to assist with our plans."

Then the following year the broker was replaced on the same day as former chairman Malcolm Murray and Phil Cartmell left the board and Sandy Easdale was appointed.