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

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...