The Financial Conduct Authority (FCA) issued a decision notice banning and fining Richard Fenech and Heather Dunne over unsuitable pension transfer advice.
The duo, who are challenging the decision in the Upper Tribunal, can no longer work in financial services and will face a fine of £270,646 and £399,817 respectively. The FCA found that the pair operated a "flawed advice model" that put customers' guaranteed pension benefits at significant risk and that Dunne "failed to act with due skill, care and diligence" when providing pension transfer advice. Fenech was the sole director of Financial Solutions Midhurst (FSML) and responsible for overseeing Dunne, who was FSML's appointed representative (trading as HDIFA). The regulator found ...
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