DBS fined record pounds 425,000 for failures linked to pensions mis- selling
Tuesday 02 September 1997
The penalty, revealed in The Independent last month, is the largest to be imposed over the mis-selling scandal. In addition, DBS must pay costs of pounds 19,450.
In a parallel move, Ken Davy, chairman of DBS, would resign his position as member of the regulator's board of directors, the PIA announced yesterday.
Mr Davy said he had submitted his resignation with regret. He said he had tried to work "unstintingly for the good of consumers and the industry which serves them."
Joe Palmer, chairman of the PIA, said: "Ken has been a good colleague and will be missed at the PIA board but the crucial importance of the pensions review means that his decision to stand down was correct."
Shares in DBS, which have traded as high as 231p since the company's float on the stock market this year, fell 12p to 204p yesterday, valuing the company at pounds 90m. DBS, based in Huddersfield, West Yorkshire, operates a national network of more than 2,600 independent financial advisers (IFAs) working for 1,800 firms.
In return for a slice of their commission earnings, DBS undertakes to deal with compliance issues on their behalf, offering them a range of additional technical services. But a statement by the PIA said DBS admitted failing to "take all reasonable steps" to carry out its review of pension business undertaken in the past by its appointed representative firms.
The failure of firms to carry out pension reviews to more than 500,000 clients has acquired fresh political importance in the wake of government moves to speed up compensation payments to victims.
- 1 Unseen Charlie and the Chocolate Factory chapter deemed 'too subversive' released
- 3 Joan Rivers: 'Palestinians deserve to be dead'
- 4 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 5 Mexican woman becomes world’s 'oldest person' at 127
Israel-Gaza crisis: YouTube footage shows scale of destruction after 50 days of shelling
iPhone 6 'hidden code' could indicate sharper screens or bigger phones
Keira Knightley topless: Conservative actress does own take on #Freethenipple campaign for Interview Magazine
Joan Rivers: 'Palestinians deserve to be dead'
Ebola virus: It's ripped through towns – now the deadliest ever outbreak of the virus is heading for Africa's teeming cities
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Do you realise just how foolish the UK looks?
With Douglas Carswell joining Ukip, my party has taken another giant step forward
iJobs Money & Business
£40000 - £45000 per annum: Ashdown Group: An established professional services...
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
£28 - 32k + Uncapped Commission: Guru Careers: A Business Development Manager ...
£40000 - £70000 per annum + Bonus+Benefits+Package: Harrington Starr: C# .NET ...