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Firm fined £182k over pension unlocking

The FSA has fined Braemar Financial Planning £182,000 for systemic failings in its sales processes for pension unlocking. It found that between November 2002 and November 2005, Braemar persistently failed to collect sufficient information about their customers before making recommendations and failed to explain all the alternative options.

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Advice: Compliance consultant Adam Samuel says the FSA’s mystery-shopping results underline the fundamental importance of asking the full range of questions for a fact-find and carefully considering the answers to fit the pieces together to make an accurate assessment of understanding clients’ attitudes to risk before giving investment advice

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