The Financial Conduct Authority (FCA) has fined Darren Reynolds of Active Wealth more than £2.2m and banned him from working in financial services.
Meanwhile, his associate Andrew Deeney has also been fined £397,400 and is banned. The regulator said Reynolds "dishonestly" established, maintained, and concealed a business model which recommended products which produced the highest commission for the adviser rather than the best outcome for the client. Reynolds did this so he could receive £1m in prohibited commission payments. The FCA confirmed these payments were funnelled via companies connected to Reynolds and were intentionally designed to disguise their true origins. Reynolds advised more than 670 clients, including 150 Br...
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