Andrew Page and Others v The Financial Conduct Authority [2022] UKUT 00124 (TCC)

Upper Tribunal Tax and Chancery decision of Judge Timothy Herrington, Member Sue Dale and Member Gary Botterill on 04 May 2022

Read full decision in Andrew Page and others v FCA

FINANCIAL SERVICES – pensions switching activities of independent financial advisers (IFAs) - whether advisers acted without integrity in adopting and using a pension advice process outsourced to a third party which resulted in recommendations for retail customers to switch their personal pensions into SIPPs investing in unregulated funds - whether the unregulated funds were high risk and generally unsuitable for retail investors - whether the IFAs failed to have regard to material conflicts of interest when recommending the funds-whether the IFAs carried out adequate due diligence on the funds and those operating the outsourced functions of the advice process - Statement of Principle 1 of the Authority’s Statements of Principle for Approved Persons-COBS 2.1.1R, 4.2.1R,9.2.1R, 9.2.6R etc - SYSC 7.1, 8.1 and 10.1

Financial penalty – whether in relation to one applicant action to impose financial penalty partially time-barred - whether one applicant performed role of director without the Authority’s approval knowing or being reasonably expected to have known that approval was required - whether financial penalty appropriate for IFAs concerned and if so appropriate level of penalty – ss 63A, 66 FSMA

Fitness and properness of IFAs concerned - prohibition order in relation to all functions in relation to regulated activities - s 56 FSMA

Updates to this page

Published 6 May 2022
Last updated 11 May 2022 + show all updates
  1. Name has been corrected and Decision has been amended for minor changes

  2. First published.