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FSA fines Regency for income withdrawal failings

The FSA has fined Regency Investment Services £14,000 for not obtaining enough personal and financial information from customers with small pension pots before advising them on income withdrawal.
The regulator says between January 2003 and March 2006 Regency failed to record enough information about customers to justify recommending income withdrawal and therefore could not demonstrate the advice was suitable.
During this time it also failed to carry out adequate customer reviews to ensure any future income withdrawal business meets the required standard.
FSA head of retail enforcement Jonathan Phelan says: “Obtaining enough information from customers to ensure the advice given is suitable is an important part of treating them fairly, particularly in areas like income withdrawal, where the wrong decisions could lead to hardship in retirement. The FSA has set out the standards expected in this area and will not hesitate to take action where necessary.”

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