Pensions provider Partnership Assurance received a much-needed boost after regulators dropped a probe into its relationship with financial advisers.
The company, which has seen its shares fall heavily in recent months, faced the prospect of a large fine by the Financial Conduct Authority, which investigated the company over allegations of breaching a new ban on commission payments to intermediaries.
However, Steve Groves, chief executive, said: “I am pleased to report that after over a year, the FCA has concluded its investigation and that no further action will be taken.
"As we said at the time of being notified of the investigation, we are supportive of the principles of the [new rules] and confident that our distribution agreements are compliant.”
Partnership’s shares were valued at 385p when the company was listed in London last year but are now just 95.75p, despite rising 2.4 per cent on today’s news.
The company was hit heavily by radical reforms announced in March’s budget, which handed savers freedom to do whatever they want with their pension pots.Reuse content