FCA bans four over 'disgraceful' occupation pension advice

Four men have been banned from working in financial services over their ‘disgraceful' behaviour in relation to occupation pensions which saw them net £4m in unnecessary commission.

The Financial Conduct Authority (FCA) the banned men were associated with two IFAs appointed by CBW to advise six occupational pension schemes. The regulator said their advice directly led the affected schemes to unnecessarily move around investments - generating millions in unwarranted commission. Members of the pension schemes could now face lower retirement incomes, the FCA said, as the pension assets were put in "potentially unsuitable high-risk investments". FCA director of enforcement and financial crime Tracey McDermott said: "When it comes to pension funds, people expect th...