FCA charges advice duo over 'reckless' high-risk pension investments

Stephen Joseph Burdett and James Paul Goodchild have also been fined

Hope Coumbe
clock • 1 min read

Two advice firm directors have received bans and fines from the Financial Conduct Authority (FCA) for investing £10m of client personal pension monies into a high-risk offshore property development.

The regulator today (24 May) confirmed that former Synergy Wealth and Westbury Private Clients advisers Stephen Joseph Burdett and James Paul Goodchild have been banned from working in financial services. They have been handed fines of £311,762 and £47,600 respectively over their actions, which the regulator first intervened on in 2016. It is alleged the duo moved £10m in personal pension funds to high-risk investment portfolios, of which 39% of holdings were linked to a single offshore property developer. The watchdog said Goodchild created and managed the portfolios, to which the...

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