Upper Tribunal upholds FCA decision to ban and fine advice duo

Fox and Price, the directors of CFP Management, were found to have failed to properly consider clients' financial situations and risks, leading to "unsuitable" transfers that broke FCA rules. Affected clients included British Steel Pension Scheme members. Their actions came despite both having decades of experience, the FCA stated in an update today (30 May). The Upper Tribunal endorsed penalties of £567,584 for Fox and £465,415 for Price. This represents a downwards revision on the £681,536 and £632,594 fines originally mooted by the FCA against Fox and Price respectively, following ...