FCA Fines Firms, Directors For Outsourcing Pension Advice

Law360, London (May 9, 2019, 1:44 PM BST) -- The Financial Conduct Authority said Thursday it plans to punish three now-defunct pensions advisers and their former managers with a combined fine of £1.3 million ($1.7 million) for outsourcing oversight of retirement plans to companies that pushed thousands of savers into risky investments.

The City watchdog has provisionally fined three now-defunct pensions advisers and their former managers a total of £1.3 million ($1.7 million) after savers were pushed into risky investments. (AP) Their actions led investors to lose tens of millions of pounds, the City watchdog said, adding that they had "acted recklessly."

 

The regulator's sanctions would publicly censure Financial...

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