FCA fines advisory firm £107k for 'unsuitable pension advice'

LJ Financial Planning (LJFP), an independent financial advice firm, has been fined for providing its customers with unsuitable pension switching and transfer advice and failing to manage its conflicts of interest. Between March 2010 and December 2012, the England-based firm recommended that 114 customers transfer their pensions into self-invested personal pensions (SIPPs), without providing any advice on the underlying investments which were to be held in those SIPPs. These investments were often high-risk, esoteric and illiquid. The total amount invested in this way by LJFP's custome...