Legal News

Upper Tribunal upholds FCA’s decision to ban and fine two financial services directors for pension transfer advice failings

Published on: 30 May 2025
Published by LNB News

LNB News 30/05/2025

Document Information

Issue Date: 30 May 2025

Published Date: 30 May 2025

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

Article summary

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...

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