FSA fines pension-switching services £143,500 over bad advice
Customers were told to switch pensions regardless of situation or requirements, says regulator
UK pension-switching firms Perspective Financial Management (PFM) and Cricket Hill Financial Planning have been fined £49,000 and £70,000 respectively for providing unsuitable advice to customers.
Director of Cricket Hill Jeremy Sheard will also pay £24,500 in a fine. Mark Kelsey, who was responsible for compliance at the firm, was issued with a public censure.
The UK Financial Services Authority (FSA) says advice and sales processes at Cricket Hill had “significant problems”, alleging the firm
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