RSM Tenon wins £5.5m following FSA fine dispute

In February 2010, the accounting group, which also has a financial planning arm, was fined £700,000 for mis-selling complex financial instruments (structured products) created by Lehman Brothers. At the time the FSA said it found poor systems and controls of the marketing and distribution of structured products and in its pensions-switching business. The dispute was referred to arbitrators for resolution in October last year. The arbitrator has now made an award as to how the costs should be borne meaning Tenon will be reimbursed approximately £5.5m in cash result in an exceptional...