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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.


AIG Life in fund distribution

AIG Life is paying out £100m, or just over 5 per cent, to investors in its protected recovery fund on June 6.

Henderson New Star realigns technology fund

Ian Warmerdam and Stuart O’Gorman have sold about half the positions in the £154m New Star Technology fund they took over in April following the merger of Henderson and New Star.Warmerdam, co-head of technology with O’Gorman, says the portfolio has been aligned to mirror the Henderson Global Technology fund, but the American mutual version, not […]

How to use wills to protect your clients’ wishes

March was Free Wills Month! Free Wills Month brings together a group of well-respected charities to offer members of the public aged 55 and over the opportunity to have their simple wills written or updated free of charge by using participating solicitors in selected locations around England and Wales. Research by the Law Society* highlighted that only 64 […]


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