FSA/PN/007/2004
28/01/2004

The Financial Services Authority (FSA) has fined Deloitte & Touche Wealth Management Limited (DTWM), 750,000 for serious compliance failings and for not taking reasonable steps to complete both Phase 1 and 2 of its Pensions Review within set standards and to regulatory deadlines.

The FSA's Final Notice which details the regulatory requirements contravened by the firm, the factors taken into account by the RDC when setting the level of the fine and the facts and matters of the case is attached and can be accessed here.

Notes for editors

  1. DTWM's registered office is at Hill House, 1 Little New Street, London, EC4A 3TR.

  2. In August 2002, new management took control of DTWM. Its Board of Directors is now entirely different from the Board as constituted prior to August 2002.

  3. DTWM's principal activity between 1997 and 2001 included investment advisory services to individuals. Throughout the years 1997 to 2001, the turnover of DTWMs regulated investment business was estimated at approximately 10% of DTWM's total revenue and the number of clients DTWM had ranged from 1177 in 1999, decreasing to 640 in 2001.

  4. During the period between 1997 and 2001, DTWM operated 12 branches in the UK, which provided investment advice. The numbers of staff authorised to give financial advice varied between branches. London (33 advisers) and Cambridge (14 advisers) were the largest.

  5. The full text of the Final Notice implementing the decision taken by the Regulatory Decisions Committee may be found here. This includes the facts of the case, the regulatory requirements contravened and the conclusions of the RDC, including the factors taken into account when setting the level of the fine. The RDC is established to ensure that FSA decisions regarding enforcement matters (among others) are taken by a body separate from the investigation and prosecution functions of the FSA. While the RDC is accountable to the FSA Board for its policies and procedures, this does not affect its independence in relation to its individual decisions.

  6. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection of consumers; and fighting financial crime.

  7. The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.

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