The FSA has rejected the approval of a financial adviser after a previous employer highlighted "serious inadequacies" in his pension transfer work.
Investment adviser Paul Maguire, formerly of Eden Personal Financial Planning, part of The Whitechurch Network, is not ‘fit and proper' to perform the CF30 (customer) function, the regulator concluded.
A previously employer of Maguire, unnamed by the FSA, said it had concerns about his work, stating there was a "potential risk to consumers" mainly in relation to personal pension (PP) switching.
It said virtually all of Maguire's work at the company involved a PP switch, with many files failing its pre-approval case checking system.
About half of the cases written by Maguire and reviewed by his employer failed its compliance test, according to files obtained by the FSA.
Additionally, five of nine cases failed by the company were categorised as ‘seriously inadequate' files.
Maguire told the FSA he was a ‘fit and proper' person to carry out the CF30 function.
He conceded there were weaknesses in his work and that he required close supervision, but said he had heeded the warnings of his previous employer, improved his work and was now a competent adviser.
He also questioned the accuracy of the files made available to the FSA by his previous employer.
But the FSA said it could rely on the files, and concluded it should not approve Maguire.
"The foregoing facts and matters call into question Maguire's competence and capability and thereby cause the FSA to doubt that [he] is fit and proper to perform the CF30 function," the FSA's Final Notice reads.
To promote 'long-term investment'
Switching 'hard and expensive'
Smaller funds still packing a punch
To drive progress