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A probe that began last December and looked into possible conflicts of interest in the financial-services industry has uncovered "troubling" evidence not yet announced as full-fledged proof of improper payments to the pension planners. The evidence, though, seems damaging enough that some consultants and money management firms may soon face SEC action.
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While it is not against the law for pension planners to take money for things like organizing conferences and designing software, industry pessimists argue that the fees for such services are often exorbitantly high, and act as a "back door payment" of sorts. In other words, if a pension planner pushed his clients toward a certain plan, perhaps that planner would receive more money for organizing a conference than the planner who did not push his clients toward that plan.
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