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Partnership faces threat of FCA enforcement action

Partnership faces threat of FCA enforcement action

Enhanced annuity provider Partnership is facing the threat of enforcement action from the Financial Conduct Authority (FCA) over a suspected breach of rules around provider payments, according to the Financial Times.

Yesterday the regulator published the results of its review into inducements from providers to advisers which found that over half the 26 firms looked at had agreements in place which went against the objectives of the retail distribution review (RDR), with two firms set for enforcement action.

The FT said that Partnership neither confirmed or denied that it was one of the two firms and gave the paper the following statement:

‘As a matter of policy, we never comment on communications between ourselves and the Prudential Regulatory Authority or FCA.’

Fund group Henderson, which has joint ventures with networks Sesame and Intrinsic, told New Model Adviser® that it was not facing enforcement action and that none of its arrangements with adviser firms breached FCA rules.

A spokeswoman for Henderson said: ‘We cannot discuss commercially confidential matters, but we are satisfied our UK retail joint ventures meet both the regulations and the spirit of RDR. We can confirm that Henderson is neither in enforcement nor has it been referred to enforcement for this or any other matter.’

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