FCA bans MD of Montpelier for 'how not to run a SIPP'

Laura Miller
clock

The Financial Conduct Authority (FCA) has banned Kevin Wells, the managing director of Montpelier Pension Administration Services, from performing any significant influence function at any regulated firm, and also censured him.

This is the first time the FCA has banned senior management of a self-invested personal pension (SIPP) operator and the focus of the FCA on SIPP operators remains ongoing, the regulator said. Wells would have been fined £58,500 but for the fact that he was able to show that the penalty would cause serious financial hardship. Following an investigation the FCA concluded that Wells did not have an adequate understanding of the SIPP operator's regulated activities and corresponding regulatory responsibilities or of his own responsibilities as the managing director of the firm. Wells l...

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

Professional Adviser TV: Remaining client centric in a time of increased regulation and digital demands

Professional Adviser TV: Remaining client centric in a time of increased regulation and digital demands

Kevin Bailey and James Sullivan also unpack what value looks like

Professional Adviser
clock 04 July 2025 • 1 min read
Targeted support: FCA shuns 'overly prescriptive' approach to vulnerability

Targeted support: FCA shuns 'overly prescriptive' approach to vulnerability

Considered prescribing how firms should support ‘vulnerable consumers’

Isabel Baxter
clock 30 June 2025 • 2 min read
Targeted support: 38,000 current advice users expected to switch

Targeted support: 38,000 current advice users expected to switch

Firms could generate up to £499 in revenue per customer

Isabel Baxter
clock 30 June 2025 • 4 min read