The Financial Conduct Authority (FCA) has issued a Decision Notice to ban former DPT Financial Solutions director and financial adviser, Daniel Thomas, from working in financial services and fine him £742,700 over unauthorised pension transfer advice.

Thomas has referred his Decision Notice to the Upper Tribunal to present his case, meaning the Decision Notice is provisional and reflected the FCA’s belief as to what happened and how it considered his actions should be characterised.

The regulator will therefore not take any action against Thomas until the Upper Tribunal has reached its decision.

The FCA said Thomas had advised 53 clients about 63 transfers out of defined benefit (DB) pension schemes and earned more than £173,000 in fees.

It claimed he had misled clients and pension providers about his professional qualifications, destroyed client records, and failed to co-operate with the regulator’s investigation.

Thomas’ firm was an appointed representative, meaning a principal firm (Quilter Financial Services) had responsibility for overseeing its actions.

The FCA said Thomas had provided misleading information to Quilter about his involvement in the pension transfer cases, and that it had made no findings against Quilter in relation to the cases.

Some of the clients affected were members of the British Steel Pension Scheme.

“When you advise someone on their pension, you hold their future in your hands,” commented FCA executive director of enforcement and market oversight, Therese Chambers.

“Mr Thomas recklessly betrayed that responsibility. We will not stop acting against those ignoring our rules and unfairly putting people and their hard-earned money at risk.”

This article originally appeared in our sister publication Wealth Investment News.

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