The FSA has ordered RSM Tenon Financial Services to undertake a review of its pension switching business going back almost four years amid concerns about the suitability of advice.
It says the national IFA, fined £700,000 today for advice and sales "failings" relating to Lehman-backed structured products, will need to re-examine business written between 6 April 2006 and 1 December last year.
The FSA says the company will then undertake a customer redress programme if evidence of consumer detriment is identified.
It follows a recent review of Tenon's pension switching business - conducted at the same time as investigations into its structured product sales - which identified "failings" in the adequacy of its sales and compliance processes.
That was part of the FSA's wider review of pension transfers in 2008.
Tenon was among the firms earmarked for a follow-up assessment, which was completed in Q3 last year. Failings were identified and they form part of today's £700,000 fine.
The FSA says Tenon failed to take reasonable care to organise and control its affairs responsibly and effectively, which created a risk of unsuitable pension switching advice.
Pension switching advice was a major cause for concern in late 2008, with a significant minority of cases examined by the FSA found to be unsuitable.
The regulator is concerned some firms and advisers are 'churning' personal pension cash into SIPPs and other pension plans in order to earn commission, even though they might not be the most suitable investment vehicle for the client.
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