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UK watchdog FCA bans and fines five directors for pension advice failings

Friday, May 10, 2019

Laxman Pai, Opalesque Asia:

The UK watchdog Financial Conduct Authority (FCA) has banned and fined five directors from three advice firms for their roles in pension transfer advice that affected some 2,000 customers.

Two of the three firms involved - Financial Page and Henderson Carter Associates - are in liquidation and have so far cost the Financial Services Compensation Scheme (FSCS) some £26.8m.

The third firm, Bank House Investment Management, has been ordered to pay a penalty of £311,639.

The five directors, who ran three advice firms - Andrew Page, Thomas Ward, Aiden Henderson, Robert Ward and Tristan Freer - have each been banned from holding directorships and fined a total of £1.05m.

They are all challenging the decision notices at the Upper Tribunal and the penalties therefore have no effect pending the outcome of the cases.

The Upper Tribunal will determine what, if any, is the appropriate action for the FCA to take, and will remit the matter to the FCA with such directions as the Upper Tribunal considers appropriate to give effect to its determination.

The Upper Tribunal's decision will be made public on its website. Accordingly, the proposed action outlined in the Decision Notices will have no effect pending the determination of the case by the Tribunal.

The FCA said the three firms had "little meaningful oversight and involvement" in the advice provided to customers.

Its investigation found that the firms promised to pr......................

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