FSA fines Braemar £182k for pensions unlocking

The failings resulted from advisers not taking reasonable steps to ensure recommendations were suitable for their customers. Pensions unlocking allows people aged 50 and over to take some or all of the benefits of their pension in a lump sum and/or income before they retire. The FSA says between November 2002 and November 2005 Braemar persistently failed to collect sufficient personal and financial information about their customers before making recommendations to them to unlock their pensions. The firm also could not demonstrate its recommendations were suitable, as its suitabilit...