FSA berates pension switching worst performers over inaction


Not one of the 22 firms identified by the FSA in 2008 as the worst performers for pension switching advice has improved in the interim, the regulator says today.

In a scathing update to its thematic review into the suitability of pension advice, the FSA says firms that were providing unsuitable guidance 18 months ago have taken "little or no" remedial action. Of the 22 firms identified in 2008, 12 are small firms and 10 are ‘relationship managed' firms, including two banks. The FSA has so far only taken against - and named - two of them: RSM Tenon Financial Services, which was fined £700,000, and small IFA Financial Ltd, whose director, Charles Palmer, was slapped with a £49,000 fine. Today, the regulator says 11 of the firms have been told...

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