What have we learnt from the FSA's pension fines?

Charles Palmer, director of Financial Ltd, was fined £49,000 for failing to ensure his business had adequate compliance checking procedures in place for pensions switching business. Insufficient checking of pension transfers was also a major factor in a £700,000 fine levied against RSM Tenon last week. Financial Ltd could be seen a major success story, growing from a small network with a handful of appointed representatives in 2002, to a business overseeing more than 400 individuals today. But as a business grows, so do its responsibilities, and Mr Palmer's failure to grapple with ...