The Financial Conduct Authority (FCA) has fined an individual compliance oversight officer £75,000 for "failing to exercise due skill, care and diligence" with regard to pension transfers in his role at two firms.
The regulator found David Watters had failed to "take reasonable steps" to make sure the advice process in place for Enhanced Transfer Value (ETV) pension transfer exercises was adequate and met regulatory...
'Doubling up' workload
Know your history
£34.2bn transferred last year
£57,000 fine and £825,000 contribution to investigation