Independent advisers' network fined pounds 100,000 over pension sales
Friday 15 August 1997
M&E was also ordered to pay a further pounds 25,000 in costs. The fine, first revealed in The Independent last month, is the largest to be imposed so far, although a larger one against DBS, another network, is expected to be announced soon.
The PIA said the fine was imposed after a visit by its monitoring team to the firm's Leeds office last year showed M&E had delayed contacting clients who were potentially mis-sold a pension. This, the regulator said, was a "serious failure".
Barry Kayes, chairman of M&E Network, which represents 646 advisers working for some 325 firms throughout the UK, said he was "disappointed" at the scale of the penalty.
It had been imposed not because of any serious mis-selling by his group's members but through the refusal of the company's indemnity insurers to permit letters to be sent to those eligible for a review.
The firm had identified 368 mis-selling review cases and completed assessments on 309, of which only two required compensation.
M&E's penalty follows a crackdown by regulators and the Government on firms involved in the mis-selling scandal.
- 1 Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
- 2 Margaret Thatcher 'expressed fears of Asian rising' at Anglo-Irish summit in 1984
- 3 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 4 The Unluckiest People of the Year 2014 (and one very unlucky giraffe)
Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
UK weather: Warning for more snow and ice as freezing temperatures and gales hit Britain
Margaret Thatcher 'expressed fears of Asian rising' at Anglo-Irish summit in 1984
UK weather: Travel chaos continues as King's Cross train delays add to snow on roads
The Unluckiest People of the Year 2014 (and one very unlucky giraffe)
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Immigrants make UK racist, says Ukip councillor Trevor Shonk
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...