FSA fined IFAs £941k in seven months.

Figures obtained by Wolters Kluwer Financial Services show the regulator fined IFAs £941,500 in the year to the end of July. This amounts to 1.5% of the total £62.7m of fines levied by the FSA to date and compares to £35m for the whole of 2009, of which IFA fines made up £236,676 or 0.7%. Wolters Kluwer says the swollen total for 2010 reflects the FSA's increased pressure on IFAs as it gears up for the RDR implementation. Last month, the FSA fined an IFA N-Hanced £21,000 for pension switching failings, the fourth IFA firm to face action following the regulator's widespread review...