IFA to pay £106k to FSCS after 97% of clients advised to make pension transfers

An adviser is to forfeit £106,100 directly to the Financial Services Compensation Scheme, rather than as a fine to the FCA, after exposing many of his customers to unsuitable advice and demonstrating "a serious lack of competence and capability".

By Neasa MacErlean

Mark Abley, the sole director of County Capital Wealth Management Ltd of Spennymoor, County Durham, is also to be bannedfrom providing any advice on pension transfers and opt-outs. He was responsible for the advice given by the firm (now in liquidation) in the 34 months to February 2018. During this time 575 out of 595 customers were advised to transfer out of defined benefit pension schemes - including 146 members of the British Steel Pension Scheme. Some 56 per cent of a representative sample of cases failed to meet Financial Conduct Authority standards and showed a lack of competence, according to thefinal notice.