FSA fines firms £143k for pension switching failures

Perspective Financial Management (PFM), based in Milton Keynes, was fined £49,000, while Cricket Hill Financial Planning (Cricket Hill), in Barnsley, was fined £70,000. Cricket Hill's director Jeremy Sheard must also pay £24,500. Mark Kelsey, who was responsible for the firm's compliance, was issued with a public censure. The FSA says it found Cricket Hill's advisers routinely recommended customers switch their pensions to a pension fund risk management service, without sufficiently researching other products. Cricket Hill failed to demonstrate the suitability of this advice for ...