AWD Chase De Vere Wealth Management has been fined £1.12 million by the Financial Services Authority (FSA). This is due to failings that led to pensions mis-selling.
Between February 2006 and October 2007, 800 people may have been poorly advised on over 1,200 sales made by Chase De Vere.
This is the largest fine for pensions mis-selling since Lloyds TSB was fined £1.9 million for pensions malpractice in 2003.
It is however not the largest fine issued by the FSA this year. Alliance & Leicester were fined £7 million in October for payment protection insurance mis-selling.
The FSA said the firm mis-sold pension transfers and pension annuities by recommending unsuitable products to customers who were already covered.