The Upper Tribunal has backed the FCA’s decision to fine and ban Toni Fox-Bryant and David Price after discovering failings in their firm (CFP Management Limited) in relation to pension transfer business. The FCA had also imposed penalties of over £600,000 on each of the individuals (of which around 2/3 represented disgorgement of profits), but the Tribunal, while agreeing that there should be fines, has remitted the decision on the amount of the fines back to the FCA. The FCA said that Ms Fox-Bryant had recklessly designed a pension transfer advice model and Mr Price recklessly oversaw its operation. The failings resulted in pension transfer specialists at the firm routinely providing unsuitable or otherwise non-compliant advice. The Tribunal said the FCA should look again merely at how to take account of taxation and interest in relation to the benefits the individuals had obtained from the firm.
Tribunal agrees with FCA decisions to ban but queries disgorgement calculation
