TCF visit exposes small IFA's advice failings

It has imposed a ‘public censure' on Cheshire Life & Pensions for failing to ensure its advice on pension income drawdown products was suitable. It has also ordered Cheshire to write to all its income drawdown customers, undertake a past business review and use an external compliance specialist to provide ongoing advice and oversight. The FSA says problems at Cheshire were picked up last year by an FSA team conducting a TCF visit as part of its enhanced supervisory strategy for small firms. According to the regulator, the adviser failed to gather or record adequate information abou...