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FSA switch action looming

Four adviser firms have been referred to the FSA’s enforcement division over pension switching advice.

In an article for Money Marketing, head of retail conduct risk Christina Sinclair and head of investments, small firms and contact Linda Woodall reveal a further 15 firms have either offered or been required to undertake some form of review of past sales.

They say firms found to be failing to meet its standards during follow-up work will face “tough action”. They say: “In the third quarter, we will be looking to see if firms have acknowledged the issues identified, looked at their business practices to identify any possible gaps or errors and act on them.

“Any that we find failing to meet our standards for past and future sales will face tough action, including potential referral to our enforcement division for further investigation.”

The FSA ordered over 1,000 advisers involved in pension switching business to attend roadshows in February after a thematic review, which found unsuitable advice was given in 16 per cent of cases sampled.

AWD Chase de Vere was fined £1.12m for pension misselling in November and told to compensate clients.

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