Sesame fined £290,000 over 'pensions unlocking'

The FSA says 3,205 customers were affected during the period August 1999 to May 2001, when Sesame was known as Kestrel Financial Management. Adviser Berkeley Jacobs Financial Services was fined for similar failures earlier this year, the FSA points out. ”Sesame allowed its appointed representative to release cash from consumers' pensions with insufficient regard to the impact this would have on their income,” the FSA quotes its director of enforcement Andrew Proctor. The more cash that was released, the more the consumer's hard-earned pension contributions benefited the firm rather...