The Financial Conduct Authority (FCA) has banned and fined financial adviser Philip Pryke almost £1.4m over unsuitable defined benefit (DB) pension transfers.
In a final decision notice published yesterday (28 November), the regulator has taken this action after he "failed to act with integrity" and clients were exposed to a "significant risk of financial detriment". Alongside the fine, he was prohibited from performing any regulatory activity, as the FCA ruled that he is "not a fit and proper person" to do so as many clients suffered, or were exposed to the risk of suffering, serious financial detriment. Pryke worked for Leeds-based financial advice firm C&I. Between 2 April 2015 and 25 June 2019, C&I advised 986 clients to transfer out...
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