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LATEST NEWS & EVENTS Fined financial management firm 'offered customers unsuitable pension advice'  Perspective Financial Management pension customers may have changed their provider on the basis of unsuitable advice. The company has been fined £49,000 by the Financial Services Authority (FSA), which ruled that advisors offered inadequate information to clients. This may have left a number of legal private clients unable to make informed decisions when they chose to switch pensions. The financial management firm was also found to have failed to put adequate procedures in place to ensure that unregulated collective investment schemes were only recommended to customers who met very specific requirements. Commenting on the decision to fine the firm, FSA enforcement and financial crime division managing director Margaret Cole explained that it had also appointed someone to review the past pension switching cases at the firm. She added: "Pension switching is a complex area, and any adviser recommending a change of provider must be able to demonstrate that this advice is suitable. "Firms that fail to do this put customers at risk of being worse off due to exit penalties applied to their existing pension and higher charges on the new pension." Posted by Gaby Hamerton 
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