Fined IFA admits to two years without pension switching reports

N-Hanced says, between 6 April 2006 and 6 April 2008, the business wrote no specific compliance reports for pension switching advice. Advisers are required to produce written justification for their decision to switch a client from one pension plan to another. The failing was one of several the FSA found in its investigation of the Gateshead-based IFA, which the regulator says "exposed their customers to the risk of receiving poor advice about switching their pension". David Cummins, partner at annuity specialist Burrows and Cummins, says the two-year absence of compliance reports ...