The FSA has imposed a £125,000 fine on Interdependence Limited for failure to properly oversee appointed reps who advised clients to withdraw cash early from their pension funds.
As a result, several hundred clients may have been mis-sold contracts, and Interdependence is currently investigating a sample of 65 cases to determine whether further action is required covering the period 1996 to 2002. Depending on the outcome of the sample review, due to be published by 30 June, Andover, Hampshire-based Interdependence may extend the review to a greater number of customers, and may pay compensation in cases where mis-selling is identified. "These findings are particularly serious as they affect the pension assets of vulnerable customers approaching retirement,” say...
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