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

'Risk aversion' from FCA and PRA limiting UK growth and competitiveness

'Risk aversion' from FCA and PRA limiting UK growth and competitiveness

Regulators 'constraining firms', House of Lords report claims

Patrick Brusnahan
clock 13 June 2025 • 2 min read
FCA targeted support communication to 'ramp up' as further guidance issued

FCA targeted support communication to 'ramp up' as further guidance issued

Regulator expected to update the industry this month

Isabel Baxter
clock 09 June 2025 • 5 min read
FCA joins forces with international regulators on illegal finfluencer crackdown

FCA joins forces with international regulators on illegal finfluencer crackdown

Nine regulators from across the globe come together

Isabel Baxter
clock 06 June 2025 • 3 min read