Laura WilesThe Upper Tribunal has upheld the FCA’s decision to ban Toni Fox and David Price from working in financial services, revoke their senior management approvals, and impose substantial financial penalties.
As directors of CFP Management Ltd, Fox and Price had advised on 1,470 pension transfers worth over £392m between 2015 and 2017, operating a flawed advice model designed to lead to a transfer. They failed to consider clients’ financial situations and risks, leading to unsuitable transfer in breach of FCA rules. This included transfers for members of the British Steel Pension Scheme.
This decision follows an earlier decision in which the Tribunal backed the FCA’s decision to fine and ban the individuals, but asked it to reconsider its disgorgement calculation.
The Tribunal has now endorsed the FCA’s updated fine proposals for Fox and Price, which are £567,584 (down from £681,536) and £465,415 (down from £632,594) respectively.