DB transfer adviser hit with provisional FCA ban and £742,700 fine

Thomas provided DB pension transfer advice to 53 clients, with four linked to British Steel, despite not being qualified or allowed to do so, the regulator found. As a director and financial adviser at DPT Financial Solutions, an appointed representative (AR) of Quilter Financial Services, Thomas advised on about 63 transfers out of DB pension schemes over five years and is believed to have earned more than £173,000 in fees. The FCA's decision notice outlined that four of his clients were members of the British Steel Pension Scheme and were in a "particularly vulnerable position at th...