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FCA takes enforcement action against Darren Reynolds and Andrew Deeney for dishonest pension transfer advice

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Published on: 28 September 2023

Published by LNB News

LNB News 28/09/2023

Document Information

Issue Date: 28 September 2023

Published Date: 28 September 2023

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

The Financial Conduct Authority (FCA) has taken action against Darren Reynolds and Andrew Deeney of Active Wealth (UK) Ltd for dishonest pension transfer advice. The FCA has imposed a prohibition order and a financial penalty of £397,400 in its Final Notice to Deeney; Deeney reached a Stage 1 settlement with the FCA and qualified for a 30% discount. In a Decision Notice, which Reynolds has referred to the Upper Tribunal, the FCA imposes a financial penalty of £2,212,316 and prohibition order. The FCA has added the latest actions to its webpage: British Steel Pension Scheme—Our approach to enforcement.

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