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Tribunal reduces fines for pair involved in pension transfer advice failings but upholds bans

By Jack Gray

4/8/26

The Upper Tribunal has upheld the Financial Conduct Authority’s (FCA) decision to ban a director and adviser from working in financial services due to pension transfer advice failings, but reduced their fines.

Richard Fenech, who was the sole director of Financial Solutions Midhurst Limited (FSML), and Heather Dunne, who was FSML’s appointed representative, trading as Heather Dunne Independent Financial Adviser, were fined and banned from working in financial services in December 2024

Pensions dashboards are expected to be used primarily during major life events such as retirement, redundancy and job changes, although schemes could face a surge in member enquiries following launch, according to research from WTW

Elementis Group Pension Scheme secures £300m buy-in with Aviva

The Elementis Group Pension Scheme has completed a £300m buy-in with Aviva, securing the benefits of 4,500 members

XPS completes acquisition of APR

XPS Pensions Group has completed the acquisition of the trade and assets of Austin Professional Resourcing (APR) for an undisclosed sum

Over two-thirds of savers say greater investment choice would prompt pension action

Nearly seven in 10 (69 per cent) pension savers would be encouraged to take positive action with their retirement savings if they had greater investment choice, according to research from Penfold

Industry welcomes introduction of multi-employer CDC; focus turns to implementation

The pensions industry has welcomed the introduction of regulations for multi-employer collective defined contribution (CDC) arrangements, with the focus now shifting towards implementation

LGPS funds told to plan early for administering authority changes

Local Government Pension Scheme (LGPS) funds affected by local government reorganisation have been urged to begin planning early for potential changes to their administering authority, with the government warning that pension decisions must not be left until the last minute

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Highlighted Content

A clearer path to private markets

Attendees explored how private markets would be a key evolution in the coming years and the important factors to consider when building an allocation.

Reforms focus: A changing landscape

Smart UK chief executive, Jamie Fiveash, shares more about Smart Pension surpassing £10 billion in assets under management (AUM) and how this is much more than just a number

Investment governance: Striving for excellence

What are the investment governance challenges for small schemes? Are today’s operating models fit-for-purpose? Where does AI fit into the governance framework? These are just some of the questions our governance panel addresses this month

Rothesay publishes its latest edition of "The journey to buy-out: The evolving endgame"

This year’s edition covers current topics exploring how the BPA market is evolving and driving innovation, as well as how the market is adapting to the needs of schemes of all sizes.

Tech for a new world

From dashboards and targeted support, to transfers and tracing, our panel considers the technological challenges and opportunities that will define the future of pensions

Pensions Age Northern Conference: Meeting the challenges of a new pensions world

The new Pension Schemes Act, the push towards megafunds, the role of private markets,

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Latest Podcasts

Podcast: From pension pot to flexible income for life

Podcast: Who matters most in pensions?

In the latest Pensions Age podcast, Francesca Fabrizi speaks to Capita Pension Solutions global practice leader & chief revenue officer, Stuart Heatley, about who matters most in pensions and how to best meet their needs

Podcast: A look at asset-backed securities

Royal London Asset Management head of ABS, Jeremy Deacon, chats about asset-backed securities (ABS) in our latest Pensions Age podcast

The role of CDC

In the latest Pensions Age podcast, Laura Blows speaks to TPT Retirement Solutions Chief Client Strategy Officer, Andy O’Regan, about the role of collective DC (CDC) within the UK pensions space

Keeping on track

In the latest Pensions Age podcast, Sophie Smith talks to Pensions Dashboards Programme (PDP) principal, Chris Curry, about the latest pensions dashboards developments, and the work still needed to stay on track

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Check out our latest appointments

Appointments update – 4 August 2026

M&G has appointed John Bruen as head of Infracapital

Appointments update – 30 July 2026

Aviva has appointed Mike Ambery as director of policy within its UK wealth business

Appointments update – 27 July 2026

M&G has hired Matt Mansour as chief technology and artificial intelligence (AI) officer, subject to regulatory approval

Appointments update – 22 July 2026

Marsh has appointed Deborah Wardle as Mercer's international chief investment officer (CIO), effective immediately

Appointments update – 21 July 2026

The London Pensions Fund Authority (LPFA) has appointed Andre Katz as a new member of the LPFA Board

Check out our latest features

Fewer hands, greater power

Consolidation is reshaping UK pensions, concentrating power among fewer trustees and driving a shift towards a more professional, large-scale governance culture. But alongside the benefits, it also raises important questions around accountability, diversity, and whether member voices risk getting lost

Economic abuse: Targeting pension savings

Laura Blows explores how pensions can be weaponised in economic abuse, along with the industry’s duties when such abuse is suspected

International Influence

Paige Perrin explores which countries influence the UK pensions system, what lessons can be adopted, and where regulatory and cultural differences limit direct comparison

Clearing a path

Attempts by legislators and regulators to improve the UK’s pensions system add to its complexity and may also create new problems. David Adams reports on some of the most significant gaps and contradictions in an ever-more complex system

Reforms focus: A changing landscape

Smart UK chief executive, Jamie Fiveash, shares more about Smart Pension surpassing £10 billion in assets under management (AUM) and how this is much more than just a number. Fiveash also discusses the changes occurring in the DC industry, including reforming the DC transfer framework, delivering true value for money, and resolving the small pots problem

Focused on the future

Paige Perrin sits down with Avon Pension Fund head of fund, Nick Dixon, to discuss the fund’s priorities, how it is using its surplus, and progress towards its climate targets

A new chapter

Society of Pension Professionals (SPP) president, Calum Cooper, sits down with Paige Perrin to discuss his recent appointment as SPP president, priorities for his tenure and the challenges facing the pensions system

A mid-life (pensions) crisis

Callum Conway explores why Gen X has become a key focus for the Pensions Commission, as the cohort approaches retirement caught between the decline of DB provision and the late arrival of auto-enrolment

IPOs blasting off

Sandra Haurant considers how the SpaceX record-breaking IPO will impact indices, and in turn, pension funds’ passive investments

Beyond the back office

Pensions administration has typically been seen as a back-office function. However, Paige Perrin investigates how this perception is changing as administration plays a increasingly crucial role in major strategic initiatives

The right balance

With systematic challenges ahead for the state pension, how do policymakers improve fiscal sustainability without sacrificing simplicity and retirement security?

The right connection

Targeted support currently only falls under the Financial Conduct Authority’s remit with DC schemes. Paige Perrin investigates if there could be space to explore expanding the regime to The Pensions Regulator’s jurisdiction of DB schemes and beyond

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Check out our latest jobs

Covenant and Financial Analyst

Posted by

from £89,459.00 per annum depending on skills, qualifications and experience

Brighton/hybrid 6 days per month in the office

Permanent

Your role will sit within our Market Oversight directorate, Market Oversight plays a central role in helping us understand how the pensions market is evolving and where risks and opportunities are emerging. You will contribute to building a system-wide view of schemes and the wider market—using data, insight and engagement to identify potential risks to members, and to highlight areas where standards can be improved. This includes monitoring trends, horizon scanning for new developments, and supporting proactive engagement with schemes and industry stakeholders in line with our newly published corporate plan.

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Member Non-Executive Directors, Pensions UK

Posted by

Join the Board of Pensions UK and help shape the future of pensions.

We are seeking senior leaders to provide independent challenge and strategic insight, supporting the Board in overseeing performance, governance and delivery for our members and the wider sector.

This is an opportunity to apply your strong judgement, credibility and expertise as we make Pensions UK and our members 2030 Ready.

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Chair, Policy Board, Pensions UK

Posted by

Help shape the future of pensions policy.

We’re looking for a credible, influential leader to chair our Policy Board, guiding Pensions UK’s policy agenda, leading debate across our diverse membership and acting as a key voice with government and industry.

This is a high-profile policy leadership role with real impact across the UK pensions landscape as we make Pensions UK and our members 2030 Ready.

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Senior Pensions Manager, In-House

Posted by Sammons Pensions Recruitment

Comprehensive benefits & bonus

Hybrid/London 3 days a week city-based

Progressive career move with the in-house team of this major financial services organisation.

To discuss this role in confidence please call Sarah Bergin-McCarthy on 020 7293 7022 or email sbm@sammons.co.uk. please quote reference 81614.

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Pensions Administration Team Leader

Posted by Abenefit2u

Salary depended on experience

Hybrid working in London

Permanent

An exciting opportunity for an experienced Manager to lead a team of pension administrators and senior administrators at a well-regarded, award-winning third-party pensions administrator.

You're a natural motivator with a track record of hitting targets and re-prioritising on the fly. You bring deep occupational pensions experience and know exactly how a busy administration team ticks.

But leading a team is only half the job. You'll take the initiative to keep service quality high, push processes forward, and spot new business opportunities with real commercial instinct. Attention to detail is a must, you'll cover all types of occupational pension schemes, with a strong focus on Defined Benefit arrangements.

This is a company where you're never just a number. You'll have real influence to drive change and deliver a first-class service to clients and scheme members alike.
If this sounds like what you've been waiting for get in touch for an informal chat or apply now with your CV.

For a confidential discussion please telephone Tasha Davidson on 0208 274 2842 / 07958 958626 or email tasha@abenefit2u.com

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CDC in the UK pensions market

Pensions Age editor, Laura Blows, talks to Sophie Dapin, Director, Institutional Solutions EMEA at BlackRock, and host of BlackRock’s Rewiring Retirement podcast, about the growing interest in collective DC in the UK pensions market

Podcast: From pension pot to flexible income for life

Podcast: Who matters most in pensions?