FSA

The FSA has ordered RSM Tenon Financial Services to undertake a review of its pension switching business going back almost four years amid concerns about the suitability of advice.

RSM Tenon Financial Services has been fined £700,000 by the FSA for its poor sales and advice processes relating to Lehman-backed structured products.

The FSA is warning of a "dramatic increase" in overseas fraudsters selling bogus shares using the names, registration details and addresses of FSA authorised firms and individuals.

IFA Brian Hill says fee-based protection advice, dubbed "unworkable" by some, can be a success, and argues advisers who say otherwise are not necessarily treating their customers fairly.

Ongoing concerns about the amount of unsuitable pension advice written at Leeds-based IFA Park Row were at the heart of FSA action against the company.

Censured IFA Park Row reduced the number of cases it checked for compliance in 2008, despite multiple warnings from the FSA.

Park Row must redress customers up to £7.8m for failing to ensure its sales were suitable, the FSA has announced.

The Conservative Party yesterday said it aims to complete a radical reform of financial services regulation in just five years.

Retirement Planner editor Helen Morrissey recently chaired an online Conjecture debate on the SIPP market. Advisers were encouraged to put their views to a panel of industry experts on how they feel the SIPP market is developing

The cost of compensating Keydata victims is likely to hit £440 for the ‘typical' adviser firm in the appropriate sub-class, according to AIFA calculations.