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ARTICLE · 07 AUGUST 2026

Daily FSR Update - 4 August 2026

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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Herbert Smith Freehills Kramer LLP

Herbert Smith Freehills Kramer LLP

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The FCA has announced that the Upper Tribunal upheld its decision to ban two individuals from working in financial services. The Tribunal agreed that both acted dishonestly by providing a backdated appointed representative (AR) agreement to the FCA.

United KingdomFinance and Banking
Cat Dankos
Cat Dankos
Hywel Jenkins
Hywel Jenkins
Chris Ninan
Chris Ninan
Jon Ford
Jon Ford
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UK

FCA: The Upper Tribunal upholds FCA ban on two individuals involved in pension transfer advice but reduces fines

The FCA has announced that the Upper Tribunal upheld its decision to ban two individuals from working in financial services. The Tribunal agreed that both acted dishonestly by providing a backdated appointed representative (AR) agreement to the FCA.

The Tribunal found that the individual who was the AR falsely claimed she had given advice to some pension schemes before she had done so. Also, that she had failed to take proper care when giving pension transfer advice. Meanwhile the director was found to have failed to properly oversee her work.

The AR advised about 92% of her clients to move out of defined benefit pension schemes between April 2015 and June 2017. This led to more than £126 million being transferred, including when it was not in clients’ best interests.

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