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Pensions firm fined for 'mis-selling'
11 November 2008 15:16
A major wealth management company has been handed a £1.12 million fine for mis-selling its pension products.
The Financial Services Authority (FSA) levied the penalty on AWD Chase de Vere for a number of 'serious failings' in its pensions transfer, annuity and income withdrawal activities.
Examples of mis-selling included recommending products to customers who already had adequate cover and existing pension provisions. It is estimated that up to 800 customers were affected.
Margaret Cole, the FSA director of enforcement, said it was vital that financial firms treated their customers fairly by making every effort to provide them with suitable advice.
The fine of over £1 million reflected that AWD Chase de Vere had failed to find out its customers' needs, and as a result had not given them complete and accurate information.
The FSA is tasked with regulating the financial services industry, which includes promoting public awareness and understanding of its workings.
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