Andrew Page and Others v The Financial Conduct Authority [2022] UKUT 00124 (TCC)
Upper Tribunal Tax and Chancery decision of Judge Timothy Herrington, Member Sue Dale and Member Gary Botterill on 04 May 2022
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FINANCIAL SERVICES – pensions switching activities of independent financial advisers (IFAs) - whether advisers acted without integrity in adopting and using a pension advice process outsourced to a third party which resulted in recommendations for retail customers to switch their personal pensions into SIPPs investing in unregulated funds - whether the unregulated funds were high risk and generally unsuitable for retail investors - whether the IFAs failed to have regard to material conflicts of interest when recommending the funds-whether the IFAs carried out adequate due diligence on the funds and those operating the outsourced functions of the advice process - Statement of Principle 1 of the Authority’s Statements of Principle for Approved Persons-COBS 2.1.1R, 4.2.1R,9.2.1R, 9.2.6R etc - SYSC 7.1, 8.1 and 10.1
Financial penalty – whether in relation to one applicant action to impose financial penalty partially time-barred - whether one applicant performed role of director without the Authority’s approval knowing or being reasonably expected to have known that approval was required - whether financial penalty appropriate for IFAs concerned and if so appropriate level of penalty – ss 63A, 66 FSMA
Fitness and properness of IFAs concerned - prohibition order in relation to all functions in relation to regulated activities - s 56 FSMA
Last updated 11 May 2022 + show all updates
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Name has been corrected and Decision has been amended for minor changes
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First published.