UK - The financial advice arm of accounting giant Deloitte has been fined a record £750,000 for compliance failings in its pensions mis-selling review.
The Financial Services Authority issued the fine after investigating Deloitte & Touche Wealth Management’s activities between 1997 and 2001.
The FSA said DTWM mis-sold financial products, failed to keep proper records and missed deadlines for the pension mis-selling review.
The watchdog criticised the adviser for missing the deadlines despite its parent company successfully advising other IFAs on their conduct during the review.
DTWM was criticised for not making use of its parent company’s “expert resources” and failing to meet the “high standard of service” expected from the Deloitte brand.
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