The FSA fined IFAs nearly a million pounds in the seven months to July, over three times as much as the whole of 2009.
Figures obtained by Wolters Kluwer Financial Services show the regulator fined IFAs £941,500 in the year to the end of July. This amounts to 1.5% of the total £62.7m of fines levied by the FSA to date and compares to £35m for the whole of 2009, of which IFA fines made up £236,676 or 0.7%. Wolters Kluwer says the swollen total for 2010 reflects the FSA's increased pressure on IFAs as it gears up for the RDR implementation. Last month, the FSA fined an IFA N-Hanced £21,000 for pension switching failings, the fourth IFA firm to face action following the regulator's widespread review...
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