The FCA has banned five financial advice firm directors from working in financial services and fined them more than £1m, after they caused significant losses to pension customers in a "serious case of advisory misconduct".
Around £76.5 million of customers' pensions was switched into SIPPs with unsuitable underlying investments. This impacted more than 2,000 customers with an average pension pot of £38,000. Mark Steward,...
To continue reading this article...
Join Professional Adviser
- 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.
