Rockingham Retirement pension advisers shut down
Rockingham Retirement has closed the advice arm of its business days after an FSA investigation, but Rokingham insists its decision was voluntary
Pension adviser Rockingham Retirement has voluntarily shut down the advice
arm of its business, days after the Financial Services Authority (FSA) ordered
it to cease all investment advising activities.
An investigation was launched by the FSA into Rockingham Retirement for its
marketing of pension plans and made the order to close the advice arm earlier
this month,
IFAonline.co.uk
reports.
The Peterborough firm offers advice on pension income investment and
transfers. Chairman Peter Quinton confirmed the FSA has been notified of its
decision.
However, Quinton told
FT
Adviser that the firm volunteered to close the advice arm of its business
and was not “forced” by external influence to make the decision.
The firm’s five financial advisers have been redeployed to other parts of the
business, with Quinton adding “later down the line” the business may reinstate
the advice arm.
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