Four banned by FCA for 'disgraceful' pension activities

Following an investigation, the FCA has issued Final Notices to four individuals regarding conduct in connection with occupational pension schemes. 

23 December 2013

Following an investigation, the FCA has issued Final Notices to four individuals regarding conduct in connection with occupational pension schemes. 

The Regulator concluded that Michael Conway and Andrew Powell lacked integrity whilst Martin Gwynn and Daniel Conway were incompetent and incapable of properly discharging their duties. Mr M Conway and Mr Powell received industry bans. A prohibition order was also imposed on Mr Gwynn although there was no finding of lack of integrity on his part. Mr D Conway is banned from holding any 'controlled function'.

The individuals collectively failed to disclose a vested financial interest in the result of advice actively procured, facilitated a sham introducer agreement, allowed advice to be influenced for personal gain, failed to follow FCA procedures and failed to offer independent or suitable advice.

Collectively they generated over £4 million in commission after their advice led to six occupational pension schemes unnecessarily moving around investments (often referred to as “churning”).

The FCA said that it would not hesitate to act where it found inept advice and dishonesty, particularly where pension funds are concerned.

Tim Pope and Charlotte Dutton are members of Burges Salmon's financial services regulatory team.

Key contact

Suzanne-Padmore---PGP_4074

Suzanne Padmore Partner

  • Pensions Disputes
  • Private & Commercial Trust Disputes
  • Professional Negligence

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