Tenon fined £700k for structured products advice failings

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RSM Tenon Financial Services has been fined £700,000 by the FSA for its poor sales and advice processes relating to Lehman-backed structured products.

It represents the first fine for a financial advice firm relating to the regulator's review of the marketing and distribution of Lehman-backed structured plans, which concluded in October last year. Regulators found Tenon had failed to treat its customers fairly, failed to organise its affairs responsibly and effectively, and did not take reasonable steps to ensure its advice was suitable. Tenon's advisers failed to fully assess the risks of structured products and consider these when recommending the products to customers. Customer files were also found to be incomplete, with i...

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