Financial adviser faces £1.3m FCA fine over 'incompetent' pension transfers

Mark Battersby
clock • 1 min read

The Financial Conduct Authority (FCA) has provisionally fined Geoffrey Armin of Retirement and Pension Planning Services nearly £1.3m after he advised 422 clients on transferring out of their defined benefit (DB) pension schemes - including 183 steelworkers. The watchdog said it considered Armin "seriously incompetent" when advising on DB pension transfers. Armin has referred the decision to the Upper Tribunal, meaning these bans and the fine from the FCA is provisional until the tribunal makes its decision on the case, determining whether the regulator's decisions are appropriate. Th...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now

 

Already a International Investment member?

Login