The Financial Conduct Authority (FCA) has banned another former director of one of the main distributors of troubled investment Harlequin Property, fining him £165,900 for failings linked to pension advice.
Robert Shaw was a director at TailorMade Independent, the main distributor of Harlequin's high risk £400m unregulated property scheme that is under a criminal investigation by the Serious Fraud Office (SFO). TailorMade entered liquidation in September 2013 because it could not finance redress payments being demanded by Harlequin investors. The FCA found as a direct result of Shaw's failings, more than 1,600 of TailorMade's clients were at "significant risk" of transferring their pension funds into self-invested personal pensions (SIPPs) that were not suitable for them. Shaw failed ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
