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Financial Conduct Authority fines compliance officer for pension transfer failings

Jaclyn Jaeger | July 18, 2017

The U.K. Financial Conduct Authority last week fined a compliance oversight officer £75,000 for failing to exercise due skill, care, and diligence concerning pension transfer failings.

Following an investigation, the FCA found that David Watters failed to take reasonable steps to ensure that the process in place at FGS McClure Watters (FGS) and Lanyon Astor Buller (LAB) for giving advice on Enhanced Transfer Value (ETV) pension transfer exercises was adequate and met regulatory standards. This failure led to a serious risk of unsuitable advice being given to customers of FGS and LAB about the merits of transferring their pension, from a defined benefit to a defined contribution scheme, as part of an ETV pension transfer exercise.  

Approximately 500 customers that received advice from FGS or LAB transferred their pensions from a defined benefit...

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