FCA bans pensions advisers

The FCA has published Decision Notices against two individuals for acting without integrity in relation to pensions business. The FCA has banned Stephen Burdett and James Goodchild from working in regulated financial services, and fined them £311,762 and £47,600 respectively.

Mr Burdett, formerly of Synergy Wealth Limited is alleged to have led to 232 personal pension funds, unsuitable for most customers and worth over £10m, being switched into high-risk investment portfolios. These portfolios were managed by Mr Goodchild, previously of Westbury Private Clients LLP.

Further, Mr Burdett also acted in the knowledge that he did not possess sufficient FCA approval to carry out his functions, and further failed to co-operate appropriately with the investigation.

The FCA intervened in 2016 to protect consumers, stopping pensions-related business of the two firms. Both then went into liquidation and were dissolved.

Harry Wells