The Financial Conduct Authority (FCA) has laid out its intentions to ban two financial advisers and two partners at St Martin’s Partners (SMP) over pension transfer advice.
The regulator found that pension advisers Adrian Douglas and Liam Martin and SMP partners Frank Oxberry and Alec Cuthbert were responsible for a pension transfer advice model that put people's guaranteed retirement benefits at risk. The regulator intends to levy a collective fine of £590,544. The FCA intends to fine Oxberry £241,869, Martin £128,356 and Douglas £128,356 and ban them from working in financial services. All three have referred the regulator's decisions to the Upper Tribunal. Meanwhile, Cuthbert has been fined £91,963 and has been banned from working in financial service...
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