FSA moves to protect pensioners' rights

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FSA moves to protect pensioners' rights

Tue 11th Nov 2008

The Financial Services Authority (FSA) has struck a blow for pensioners' rights by fining a pension fund that misled its members £1.1 million.

Chase De Vere Wealth management misled customers by selling pensions to customers who already had adequate pension provisions, the FSA found.

The firm, a subsidiary of German company AWD, admitted that as many as 800 of its customers may have received unsuitable advice in the year 2006-7 and that 28 per cent of pensions brought were sold on misleading terms.

Margaret Cole, director of enforcement for the FSA, said: "This fine of £1.1 million reflects the fact that AWD Chase de Vere failed to establish its customers' needs and did not provide them with complete and accurate information."

According to the Times, the fine is only the third largest imposed by the FSA this year.

Last month Alliance and Leicester were fined £7 million for failings in the selling of insurance over the phone.

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