Britain’s Financial Conduct Authority said on Tuesday a tribunal upheld its decision to ban two financial advisers from the industry, after finding that they acted dishonestly and provided unsuitable pension transfer advice to some clients.
Here are some details:
• The tribunal agreed both individuals acted dishonestly by providing the regulator with a backdated appointed representative agreement.
• While it found that the individuals failed to take proper care when advising clients and adequately oversee work, the tribunal reduced the fines placed on them by the FCA.
• “The Tribunal agreed that the FCA must be able to rely on those it regulates at all times, including in periods of stress and high pressure,” the regulator said in a statement.
• The individuals have 14 days to appeal the tribunal’s decision.
(Reporting by Atharva Singh）
