IFA Company Fined Over 'Inadequate Supervision' of Pension Cases
IFA company Interdependence Ltd is fined by the FSA for 'inadequate supervision' of pension cases
9th June 2004
The Financial Services Authority has fined an IFA company £125,000 after it found 'serious failings' in its supervision of representatives advising customers to withdraw cash from their pensions before retirement.
The FSA concluded that hundreds of people may have been mis-sold these contracts, with 'vulnerable' customers approaching retirement being a particular concern.
The company, Interdependence Ltd, set up a system to monitor their representatives' cases, but 90% of pension withdrawal cases processed were not submitted to the system for approval.
The company is reviewing 65 cases, and depending on the outcome of the reviews further investigation may be ordered, and compensation for mis-sold cases will be made.
Read More: Financial Services Authority
|
More on FSA : FSA To Probe Bad Credit Mortgages (News, 10/04/2007), Royal Liver Fined (News, 11/04/2006), 'Positive Outcome' to FSA Mortgage Business Review (News, 06/05/2005), FSA Places Travel Insurance Broker in Liquidation (News, 03/05/2005), City Index Ltd Fined by FSA (News, 23/03/2005), See all 17 FSA stories >>> |
Home - Investment - Pensions
