Upper Tribunal upholds FCA’s decision to ban and fine two financial services directors for pens...
The Financial Conduct Authority (FCA) has announced that the Upper Tribunal has upheld its decision to ban Toni Fox and David Brian Price from financial services and revoke their senior management approvals. The Tribunal confirmed the imposition of substantial penalties after finding that while at CFP Management Ltd, both directors designed and operated an advice model that resulted in unsuitable pension transfers totalling over £392m across 1,470 cases. Despite their extensive experience, the directors failed to adequately assess clients' financial circumstances and risks, which compromised the integrity of their advice, including for members of the British Steel Pension Scheme. Following recalculations based on updated tax and interest guidelines provided in March 2025, the Tribunal endorsed fines of £567,584 for Fox and £465,415 for Price, concluding that their actions constituted serious breaches of FCA rules and demonstrated a lack of the necessary integrity to operate within the regulated financial services sector.