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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.”

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