Professional services firm RSM Tenon says it is now “business as usual” with the FSA, following the £700,000 fine received for failings in advice and sales processes.
In February 2010, the FSA took its first action taken against advice failings relating to Lehman-backed securities, resulting in a fine issued to RSM Tenon and an agreement to conduct a past business review.
RSM Tenon’s latest interim management statement says major progress has been made over the past year and it has moved to a “business as usual monitoring relationship with the regulator”, leaving the group greater time to concentrate on commercial trading.
The group warns the market continues to present challenges while the impact of the retail distribution review remains uncertain.
In anticipation of its introduction in January 2013, RSM Tenon reports there has already been a slowdown in new business.
RSM Tenon chief executive Chris Merry says: “We continue to make progress in restoring RSM Tenon to profitability. I am grateful to our clients and staff for their continued support as we build on the changes we have made. With new banking facilities in place, we look forward to the future with confidence.”
The group’s final results for the year ending June 30 revealed pre-tax losses of £102m and the loss of 400 staff in a bid to cut costs.