Tribunal backs FCA on fines for “most serious” failings seen in small IFA firm

By Neasa MacErlean

TheUpper Tribunal has upheld the FCA’s decision in banning and giving hefty finesto five individuals, totalling over £1 million. The five men were found to havegiven unsuitable pensions investment advice to 2,000 people — and this resultedin a £50m bill for the Financial Services Compensation Scheme and another £26mof uncompensated losses. The court found that all five allowed their“instincts and values to be overridden” and their judgement to be compromisedfor personal financial gain.