Perspective Financial Management, fined £49,000 by the FSA for pension switching advice misconduct, failed to heed warnings from two compliance officers about its sales practices.
Nine of 13 case files reviewed by the regulator flagged deficiencies in the steps taken by Perspective to ensure the suitability of its advice between April 2006 and April 2008. Notably, a total of 14 customers were advised to invest their pension funds, via a SIPP, in UCIS - unregulated schemes the FSA says are mainly suitable for high net worth or ‘sophisticated' investors - without checks to ensure their propriety. However, the FSA's Final Notice, served this month to Milton Keynes-based Perspective, reveals the firm was warned on several occasions by both an internal compliance ma...
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