Director banned as FSCS upholds 88% of claims against pension transfer firm

A director and 50 per cent shareholder in a firm of advisers has been prohibited from advising on pension transfers and opt-outs as well as from being a senior manager again, after 96 per cent of pension customers were advised to leave defined benefit pension schemes.

By Neasa MacErlean

Denis Lee Morgan was also a qualified Pension Transfer Specialist, a CF30 (Customer) adviser and held the CF10 (Compliance Oversight) function at Pembrokeshire Mortgage Centre. The Cardiff-based business (now in liquidation) was fined £2.4 million in December. No financial penalty has been imposed on Mr Morgan. The Financial Conduct Authority said in its final notice that he personally received over £1.3m from initial and ongoing advice fees during the relevant period, the two and a half years until December 2017. The bans were made in response to his "lack of competence andcapability",and for giving"unsuitable" advice.