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Interdependence fined £125k for drawdown advice

The FSA has fined Tenet-owned network Interdep-endence £125,000 for what it calls “serious failings in the supervision of appointed representatives”.

The fine relates to income drawdown advice that Interdependence RIs were giving customers, recommending that they withdraw cash early from their pensions.

The FSA heavily criticised the “ineffectiveness of the firm&#39s systems and controls” for advice given between January 1996 and March 2002.

Tenet bought the network in 1999 and chief executive Simon Hudson says the complaint is concerned with systems that were in place before the purchase. He admits these systems should have been changed sooner but says the FSA only knew about the situation because Tenet alerted it.

Hudson says the complaint arose from only one member&#39s operations. He says the fine will be paid out of the firm&#39s capital and will not affect membership fees or charges.

Hudson says: “We owned up to the regulator as soon as we found out that there was a problem. It has been fixed for a year now.”


Group 300 looks to sale or merger as it aims to raise up to £5m

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FSA need to take more responsibility for the treatment of consumers

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AAM private equity team to go it alone

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House price inflation still at a high level, says the Halifax

House prices increased by 2.2 per cent in May, taking the average UK house price to £157,849, according to the Halifax. The Halifax monthly house price index reports that the market has remained strong in the north and house price inflation has picked up in the south of England following a slowdown in 2003. Difficulties […]

Pensions Dashboards around the World

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