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

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...