FSA dishes out £49k fine to Gloucestershire IFA network
The FSA has fined a director of Gloucestershire-based IFA network, Financial Ltd, £49,000 for management failings resulting in poor compliance monitoring on pension switching advice.
The regulator took action against Charles Palmer, director of IFA network Financial Ltd, for the failings which resulted in poor compliance monitoring on pension-switching advice during a period of rapid expansion. The FSA said there were shortcomings in the way the firm organised its business and how responsibility for monitoring advisers was allocated to senior management.
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