Financial Adviser fined for pensions mis-selling

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Financial Services > Pensions > News

Financial Adviser fined for pensions mis-selling

Wed, 12 Nov 2008

According to a pensions news report, the financial adviser AWD Chase De Vere Wealth Management has been hit with a £1.12 million fine by the financial services authority. The fine was levied for failings in the way the company sold pensions .

The group reportedly agreed to settle early, and pay out compensation to those customers who had lost money due to bad advice. The FSA indicated that some 800 people could have been badly advised in relation to 1,200 sales.

The director of enforcement at the FSA, Margaret Cole, was reported as commenting: "Firms must treat their customers fairly by making every effort to provide them with suitable advice."

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