Tenon in £700,000 fine for mis-selling

By Louise Armitstead, Chief City Correspondent Published: 6:00AM GMT twenty-six February 2010

The excellent is the initial coercion movement to be imposed by the FSA following the examination last year of Lehman Brothers" structured products.

The regulator proposed the examination after it emerged that sell investors had been held up in investments following the fall of the bank. At the conclusion, the FSA pronounced it had referred 3 firms for coercion proceedings.

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The FSA pronounced that Tenon, that provides monetary recommendation to high-net value individuals, unsuccessful to scrupulously "assess" the risks of the investment vehicles. The firm"s risk government systems for the structured products and pensions-switching businesses were found additionally to be at fault. They "failed to forestall or minimise the risk of unsuited sales," the FSA said.

Tenon would have been fined �1m but staid early and so competent for a 30pc discount. But the organisation will face serve inspection going forward.

Margaret Cole, FSA executive of coercion and monetary crime, said: "We will go on to take difficult movement where we find justification that firms are giving unsuited recommendation to investors."