FSA fines Tenon over structured products; more firms to follow

The UK’s Financial Services Authority (FSA) has fined RSM Tenon Financial Services (Tenon) £700,000 for “significant failings” in its advice and sales processes regarding Lehman-backed structured products, and for lacking sufficient systems and controls to prevent unsuitable advice being given to customers in its structured product and pension-switching business.

The regulator says it is the first enforcement action following its review last year of marketing and distribution of structured

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