Partnership Assurance could face enforcement action from Financial Conduct Authority

Recently floated pension provider could face enforcement action from the industry regulator after it today admitted it is under investigation over commission payments to advisers.

Partnership, which made its stock market debut in June, is being probed by the Financial Conduct Authority over a suspected breach of the new Retail Distribution Review rules, which banned payments to advisers, in Partnership’s interactions with one advisory firm.

Shares in the group fell 7% yesterday, a day after the FCA warned that two firms faced enforcement action, and reports suggested Partnership could be one of them. “The appointment of investigators does not mean that the FCA has determined that rule breaches and/or other contraventions or offences have occurred,” Partnership said.