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FSA fines Trigon Pensions Limited £10,500

The FSA has fined Trigon Pensions Limited £10,500 for failing to monitor advisers effectively at its appointed representative Trigon Financial Services.
The regulator says TFS did not record sufficient customer information and was therefore unable to demonstrate the quality of advice given.
It also failed to implement and follow an adequate training and competence scheme for advisers and its suitability letters were inadequate, says the FSA.
FSA head of retail enforcement Jonathan Phelan says: “Trigon’s failures were serious and mirrored some of the main failings we found during our work into the process of giving financial advice last year. At that time we identified the key areas that firms needed to address which included Training and Competence, the production of clear suitability letters and controls for monitoring the advice process.
We would urge any firms that have seen this case and haven’t reviewed these areas to do so to prevent the need for us to take similar action against them. A firm’s management is responsible for ensuring that it follows FSA rules and we will take appropriate action from the various supervisory and enforcement tools we have available where failings are found.”

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