TCF visit exposes small IFA's advice failings

clock

The FSA has taken its first enforcement action against a small adviser firm arising from a treating customers fairly (TCF) visit.

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

PFS's Pathway to the Profession project hits  500-member target

PFS's Pathway to the Profession project hits 500-member target

A third of new members are women

Sophia Panayi
clock 28 April 2026 • 2 min read
Feel Good Friday: One Four Nine Group raises £40,500 for charity partner

Feel Good Friday: One Four Nine Group raises £40,500 for charity partner

Firm picks three new charity partners for 2026/27

Professional Adviser
clock 24 April 2026 • 1 min read
Deal Dive: 2026 kicks off with a slower start

Deal Dive: 2026 kicks off with a slower start

Deals announced in Q1 2026

Isabel Baxter
clock 24 April 2026 • 3 min read