The Financial Conduct Authority (FCA) has banned and fined five directors from three advice firms for their roles in pension transfer advice that affected some 2,000 customers.
Two of the three firms involved - Financial Page and Henderson Carter Associates - are in liquidation and have so far cost the Financial Services Compensation Scheme (FSCS) some £26.8m. The third firm, Bank House Investment Management, has been ordered to pay a penalty of £311,639. A total of 2,004 customers invested £76m of their pension assets with the three firms. So far, the FSCS has paid compensation to 1,106 investors and the scheme is considering further claims. The five directors involved - Andrew Page, Thomas Ward, Aiden Henderson, Robert Ward and Tristan Freer - have each be...
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