Deloitte & Touche Wealth Management Ltd fined £750,000

Deloitte & Touche Wealth Management Ltd (DTWM), the private wealth management company owned by professional services firm Deloitte & Touche, has been fined £3/4 million for failings in its compliance arrangements between 1997 and 2001 that were “systemic and continued for a prolonged period of time”. It was also penalised for defective work on Phases 1 & 2 of its Pensions Review, which meant that it missed benchmark standards and completion deadlines; notably, lack of customer information led it to specify incorrectly the starting population for Phase 1.