The Financial Conduct Authority (FCA) has banned former directors Toni Fox and David Price, as well as charged them with a collective £1.3m fine for pension transfer advice failings.
The regulator revealed on Friday (1 September) that it has fined Fox £681,536 and Price £632,594. Between 21 April 2015 and 31 October 2017, CFP Management, where both Fox and Price were former directors, gave advice on 1,470 transfers worth more than £392m. Fox and Price both had oversight the pension transfer model operation, however the FCA found that over 99% of the advice was to transfer and over 90% did not comply with FCA rules. The FCA confirmed that of those advised, 33 clients were members of the British Steel Pension Scheme. The watchdog said the "flawed process" risk...
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