FCA fines three firms and five individuals for misleading the FCA and more


FCA fines three firms and five individuals for misleading the FCA and more

The UK regulator FCA has issued several Decision Notices today in respect of three firms and five individuals.

The companies names are Financial Page Ltd, Henderson Carter Associates Limited and Bank House Investment Management Limited and the individuals – Andrew Page, Thomas Ward, Aiden Henderson, Robert Ward and Tristan Freer.

The FCA will take the following disciplinary actions against each of the parties:

The FCA considers that FPL, HCA and BHIM had little meaningful oversight and involvement in the advice provided to customers in their name. They adopted a pension review and advice process which involved outsourcing important functions to unauthorised third parties (Hennessy Jones Limited and City Administration Limited). No allegation of wrongdoing is made against Hennessy Jones Limited and its directors, Mark Stephen and James King, or City Administration Limited in any of the Decision Notices related to the above actions.

HCA, FPL and BHIM held themselves out to customers as providing bespoke independent investment advice based on a comprehensive and fair analysis of the whole market, but that did not reflect the reality of the service that was provided. In reality customers were recommended pension switches and pension transfers to products that invested in high risk, illiquid assets which were unlikely to be suitable for them.

In total, 2,004 customers invested approximately £76 million of their pension assets. As at 29 January 2019, the Financial Services Compensation Scheme has paid compensation of £26.8 million to 1,106 customers of FPL, HCA and BHIM in relation to the above matter and is investigating further claims.

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FCA fines three firms and five individuals for misleading the FCA and more

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