FCA fines Harlequin IFA directors over SIPP suitability failings

clock • 3 min read

Two ex-directors of failed adviser TailorMade Independent (TMI) - the main distributor of £400m troubled unregulated property scheme Harlequin - have been banned and fined by the regulator for not assessing the suitability of clients' investments made through self-invested personal pensions (SIPPs), the method most commonly used to invest in Harlequin.

Lloyd Pope and Peter Legerton have been banned from senior positions in financial services. Pope has been fined £93,800, Legerton would have been fined £84,000, but for financial hardship. The FCA found both men fundamentally failed to act in the best interests of clients, but Legerton benefitted financially from conflicts of interest between TailorMade and an unregulated firm that introduced new business to it. Advisers and agents selling clients investments in Caribbean villas run by Harlequin received commissions of up to 15%, according to a lawyer close to the situation. Pope a...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA's consolidation review: 'There's no shortcut on good due diligence'

FCA's consolidation review: 'There's no shortcut on good due diligence'

Will consider if more PE due diligence needs to be done

Isabel Baxter
clock 11 March 2025 • 3 min read
FCA's vulnerability findings flag lack of tailored training and understanding

FCA's vulnerability findings flag lack of tailored training and understanding

Many firms had taken positive action but ‘areas for improvement remain’

Isabel Baxter
clock 07 March 2025 • 6 min read
FCA urges principal firms to check PII cover

FCA urges principal firms to check PII cover

Regulator finds 10% of sampled firms may not have adequate cover in place

Isabel Baxter
clock 28 February 2025 • 1 min read