Upper Tribunal explains tax and interest rate calculation changes on levying of fines

Detailed guidance has been provided by the Upper Tribunal on the calculation of fines, in the case of two directors from Birmingham who operated a "flawed advice model" for pension transfers that saw 1,470 transfers made away from the British Steel Pension Scheme and those of other employers.

By Neasa MacErlean

The bans on the two, Toni Fox and David Brian Price of CFP Management Ltd (now in liquidation), were upheld, as were the decisions to fine them. However, the fine amounts have been recalculated and fell 17 per cent to £567,584 for Ms Fox, along with 26 per cent to £465,415 for Mr Price.