FCA Fines Pensions Adviser Over Risky Transfers

Law360, London (March 25, 2020, 7:46 PM GMT) -- The Financial Conduct Authority has fined a pensions adviser £23,400 ($27,383) for overseeing the transfer of £112 million in retirement funds to risky investments.

Lloyd Pope, a former director at TailorMade Independent Ltd., has also been banned from holding any senior management position at a regulated company.

TMI advised 1,661 savers to transfer their pensions to “high-risk, esoteric investments” like overseas property funds, which may not have been suitable for them.

The FCA said Pope failed to take “reasonable steps” to assess the suitability of the investments contained within the self-invested personal pension wrapper, into which people with stable final benefit...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!