FCA fines adviser £116k for 'reckless' pension transfers

Hussein agreed to fine

clock • 2 min read
Omar Hussein agreed to settle at an early stage of the investigation and therefore qualified for a 30% discount. Without the discount, the fine would have been £165,797.38.
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Omar Hussein agreed to settle at an early stage of the investigation and therefore qualified for a 30% discount. Without the discount, the fine would have been £165,797.38.

Omar Hussein, former director and senior financial adviser at pension switching firm Consumer Wealth Ltd (CWL), has been prohibited from working in financial services and fined £116,000, the Financial Conduct Authority (FCA) has revealed.

The FCA found Hussein advised customers to switch their existing pensions when this was often unnecessary and not in their best interest. Between 2015 and 2017, Hussein and his firm advised 620 customers...

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