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FSA fines Deloitte & Touche Wealth Management £750,000

FSA has fined Deloitte & Touche Wealth Management £750,000 for what it calls serious compliance failings and for not taking “reasonable steps” to complete both Phase 1 and 2 of its Pensions Review within set standards and to regulatory deadlines.

The regulator says these failings are particularly serious in light of the fact that DTWM&#39s compliance failures were systemic and continued for a prolonged period of time.

Additionally, the FSA says regulators had placed DTWM on notice on a number of occasions, in particular in a 1999 report from the PIA and by its own internal compliance reports in 2000 and 2001.

The FSA says taken together these matters show DTWM&#39s approach to “fundamental aspects of compliance” amounted to a “disregard for the standards and requirements of the regulatory system”.

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