The Upper Tribunal has upheld the FCA's decision to ban and fine TailorMade chief executive Alistair Burns but has reduced his financial penalty to £60,000.
The tribunal backed the Financial Conduct Authority's (FCA) decision to ban Burns for a "fundamental lack of competence". It also upheld the regulator's fine but reduced it to £60,000. The FCA originally wanted to impose a £233,600 levy on him in December 2016. For three years between January 2010 and January 2013, Tailormade provided advice to 1,661 customers who were considering transferring or switching their pension funds via self-invested personal pensions (SIPP). Tailormade Independent was the main distributor of unregulated property scheme Harlequin, the advice firm entered ...
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