FSA fines Regency £14,000

The FSA has fined Surrey-based Regency Investment Services £14,000 for not obtaining enough informat...

The FSA has fined Surrey-based Regency Investment Services £14,000 for not obtaining enough information from customers with small pension pots before advising on income withdrawal. According to the FSA, between January 2003 and March 2006, Regency failed to record enough information about consumers to justify recommending income withdrawal and could not demonstrate the advice was suitable. During this time, it also failed to carry out adequate customer reviews to ensure the advice given continued to meet their needs. Regency has agreed to conduct a review of all its past income withdr...