Accountancy firm in financial dispute with insurers
Accountants RSM Tenon is in dispute with its insurers over who should pick up the bill for costs arising from the firm's Financial Services Authority (FSA) fine in 2010.
Sister titled Accountancy Age has reported that the advisor's latest set of accounts revealed the argument with insurers. The dispute centres on sharing out the cost of undertaking remedial action arising from the FSA settlement.
RSM Tenon was fined £700,000 by the FSA for "significant failings in its advice and sales processes relating to Lehman-backed structured products".
The FSA had found poor systems and controls of the marketing and distribution of structured products and in its pensions
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