The Upper Tribunal has upheld the Financial Conduct Authority’s (FCA's) decisions to fine and ban former financial adviser Stephen Burdett and fund manager James Goodchild from working in financial services.
Burdett and Goodchild previously held senior roles at Synergy Wealth (Synergy) and Westbury Private Clients (Westbury) respectively. The FCA banned the pair from working in regulated financial services for "recklessly" exposing pension holders to unsuitable investments, a decision supported by the tribunal. The tribunal also found that it was appropriate for the FCA to impose penalties of £265,071 on Burdett and £47,600 on Goodchild. The regulator found that Burdett allowed 232 personal pension funds worth more than £10m to be switched into high-risk investment portfolios that were "o...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
