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...
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