FSA refuses adviser approval over PP switch failures

clock

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 rev...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA sets out plans to simplify complaints regime

FCA sets out plans to simplify complaints regime

Including requirement for firms to report complaints involving vulnerable clients

Isabel Baxter
clock 04 December 2025 • 2 min read
FCA looks to boost transparency of ESG ratings providers

FCA looks to boost transparency of ESG ratings providers

Regulator opens consultation

Michael Nelson
clock 01 December 2025 • 2 min read
Regulators urged to hold pension transfer 'bad actors' to account

Regulators urged to hold pension transfer 'bad actors' to account

Advisers report ‘widespread and sometimes extreme delays’

Sahar Nazir
clock 24 November 2025 • 5 min read