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Matthias Knab, Opalesque: The UK Financial Conduct Authority's decision to ban Darren Antony Reynolds from working in financial services and fine him GBP 2,037,892 has been upheld by the Upper Tribunal.
Mr Reynolds was dishonest when he gave pension transfer advice and investment recommendations to his customers, causing them significant harm.
Mr Reynolds showed a clear disregard for his customers' interests. He encouraged British Steel Pension Scheme members to transfer out of their defined benefit pension scheme, despite knowing that the advice was wholly unsuitable. He also advised his customers to invest in high-risk and unsuitable products while at the same time hiding high exit fees and forging documents.
Mr Reynolds' misconduct exposed hundreds of people to serious financial loss. Over GBP 17.6 million has been paid in compensation to more than 470 affected customers, many of whom suffered losses in excess of statutory compensation limits.
In addition, Mr Reynolds let two unapproved people give pension advice, putting customers at risk. When confronted with his misconduct he lied to regulators, allowed important evidence to be destroyed, and moved his family home into a trust to avoid paying his debts.
Therese Chambers, Joint Executive Director of Enforcement and Market Oversight at the FCA, said: "Mr Reynolds' misconduct was the worst we saw out of all the British Steel Pension Scheme cases, and he caused untold damage to hi...................... To view our full article Click here
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