An intermediary network which was fined £6m by the FCA last year has reported a loss of £19m for last year.
The results for Sesame Bankhall Group were announced today, with parent company Friends Life saying they were 'disappointing'.
The FCA's fine came in 2013 for failing to ensure that investment advice given to its customers was suitable and also in relation to the systems and controls that governed the oversight of its appointed representatives.
Today's statement to the Stock Exchange reported that a strategic review of Sesame Bankhall Group is ongoing and a provision has been set up following a review of past business including pensions transfers.

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The UK division of Friends Life has reported operating profits before tax of £40 million improved from a loss of £32 million in 2012. The company attributed this to reduced new business strain and increased in-force surplus.
Retirement income increased from £44m to £66m - driven by increased volumes from "better customer engagement and product innovation, improved investment returns and the benefit of lower investment costs from FLI".
Friends Life noted that the UK division is now focused on retirement income, corporate benefits and protection.
The annual report also said restructuring of the business over the last three years has been completed, saving £160 million.
Andy Briggs, group chief executive, said: "We have a sustainable business with a profitable base for future growth.
"We operate in attractive growth markets, focused on managing legacy life and pension products, and capturing value in the fast-growing retirement provision market.
"We remain focused on generating growth in both cash and returns while maintaining our strong capital base."