The UK Financial Conduct Authority (FCA) has decided to ban Mr Richard Fenech and Ms Heather Dunne from working in financial services and fine them £270,646 and £399,817 respectively.
The FCA found that the pair operated a flawed advice model that put customers’ guaranteed pension benefits at significant risk, and that Ms Dunne failed to act with due skill, care and diligence when providing pension transfer advice.
Mr Fenech was the sole director of Financial Solutions Midhurst Limited (FSML) and responsible for overseeing Ms Dunne, who was FSML’s appointed representative (trading as HDIFA).
Ms Dunne failed to take into account the destination of the customers’ investments when advising whether defined benefit pension transfers were suitable. This was due to the use of a flawed two-adviser advice…
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