FCA Fines 5 Pensions Advisers Over £1M For £50M Losses

By Najiyya Budaly (May 9, 2022, 12:48 PM BST) -- The finance watchdog fined five directors of financial advice firms over £1 million ($1.2 million) on Monday and banned them from the sector after providing poor advice that caused over £50 million in losses to more than 2,000 pension savers.

The Financial Conduct Authority said that its independent Upper Tribunal found that Andrew Page, Thomas Ward, Aiden Henderson, Robert Ward and Tristan Freer acted dishonestly or recklessly when providing unsuitable advice to customers to place their pensions in high-risk products in self-invested personal pensions, or SIPPs.

The tribunal found that an unauthorized firm, Hennessy Jones, had a significant financial interest in...

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