By 
The Financial Conduct Authority (FCA) has levied a £2.2 million fine against director Darren Reynolds of Active Wealth (UK) for providing ‘dishonest’ pension transfer advice, simultaneously barring him from engaging in financial services.
Reynolds had advised on 670 pension transfers, including 150 transfers from the British Steel Pension Scheme (BSPS). In these cases, he steered customers into investments that he knew were unsuitable for them.
Notably, Reynolds faced criticism from Members of Parliament (MPs) in 2017 for his refusal to testify at their inquiry into the British Steel Pension Scheme (BSPS).
The FCA’s punitive measures underscore its commitment to maintaining the integrity and ethics of financial services in the UK.
Comments