FCA fines and bans five advisers for causing losses to 2,000 clients

'Real lessons to be learned'

clock • 4 min read
FCA fines and bans five advisers for causing losses to 2,000 clients

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,...

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