The Financial Conduct Authority said on 28 September it had fined and banned two financial advisers over switching retirement pots from safe to high risk unsuitable investments, in a case the regulator called "one of the worst" it has seen. The UK regulator fined Darren Reynolds of Active Wealth more than £2.2m and banned him from working in financial services. His associate Andrew Deeney was also fined £397,400 and banned. Reynolds "dishonestly" established, maintained, and concealed a business model which recommended products which produced the highest commission for the adviser rat...
To continue reading this article...
Join International Investment
Signup and gain exclusive members-only insights
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
