Firms ordered to redress £150m as pension switching probe continues

The regulator has ordered 10 firms to review past sales and procedures as part of the regulator's clamp-down on unsuitable advice, but it is looking at 22 individual businesses in total. RSM Tenon Financial Services was recently fined £700,000 for "significant failings" in its pension-switching advice and sales processes, as well as over sales of Lehman-backed structured products. Director of IFA firm Financial, Charles Palmer, was also fined £49,000 by the FSA for management failings leading to poor compliance monitoring on pension switching advice during a period of rapid expansion....