LONDON (Reuters) - A large firm of independent financial advisers, the Thinc Group, has been fined for not telling customers the risks of investing in subprime mortgages, the Financial Services Authority said on Thursday.

Thinc, owned by Europe's second-biggest insurer, France's AXA, was fined 900,000 pounds by the FSA.

Thinc, which has around 700 advisers, was broker on 2.7 billion pounds' worth of mortgage contracts during the 21 month period for which it was fined, including subprime mortgages worth 77 million pounds from January 1, 2006, to Sep. 30, 2007.

Thinc was fined for failing to obtain adequate financial information about some of its subprime mortgage customers before giving advice and not demonstrating why the particular subprime mortgage products it recommended matched those customers' needs.

Among other complaints, the FSA also censured Thinc for providing some customers with a Record of Suitability letter that did not relate to the subprime product advised or taken.

Thinc was not immediately available for comment.