Rachael Singh, Accountancy Age, Thursday 19 August 2010 at 11:06:00

Rockingham Retirement has closed the advice arm of its business days after an FSA investigation, but Rokingham insists its decision was voluntary

Pension adviser Rockingham Retirement has voluntarily shut down the advice arm of its business, days after the Financial Services Authority (FSA) ordered it to cease all investment advising activities.

An investigation was launched by the FSA into Rockingham Retirement for its marketing of pension plans and made the order to close the advice arm earlier this month, IFAonline.co.uk reports.

The Peterborough firm offers advice on pension income investment and transfers. Chairman Peter Quinton confirmed the FSA has been notified of its decision.

However, Quinton told FT Adviser that the firm volunteered to close the advice arm of its business and was not "forced" by external influence to make the decision.

The firm's five financial advisers have been redeployed to other parts of the business, with Quinton adding "later down the line" the business may reinstate the advice arm.

Further reading:

FSA pay half a million pounds for firms' secondees

Government considers merging FRC and FSA