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 urged to 'think again' on targeted support annuity rules

FCA urged to 'think again' on targeted support annuity rules

Regulator’s MoneyHelper signpost criticised as a ‘real limit’

Isabel Baxter
clock 03 September 2025 • 2 min read
FCA continues data reporting cuts

FCA continues data reporting cuts

Regulator removes more data returns

Isabel Baxter
clock 28 August 2025 • 1 min read
Regulatory and employment-related changes – what do firms need to prepare for?

Regulatory and employment-related changes – what do firms need to prepare for?

‘Getting these issues right is not just about avoiding regulatory action or tribunal claims’

Sophie White
clock 21 August 2025 • 4 min read