The FCA has banned three men from working in financial services and a fourth from holding key positions after identifying “disgraceful” failings in relation to occupational pension schemes.
Following a review of pension trustees CBW Trustees and CBW Pensions Forensics (CBW) by The Pensions Regulator, the FCA investigated two IFA firms which were appointed by CBW to advise six occupational pension schemes.
The FCA found advice given by G&G Financial Services and Staverton Wealth Management led to the schemes unnecessarily moving around investments, generating £4m in commission.
FCA director of enforcement and financial crime Tracey McDermott says: “People expect their pension fund investments to be carefully managed. This makes the behaviour of this quartet particularly disgraceful.”
CBW director Michael Conway was found to have influenced advice given by the IFA firms for personal gain. He was paid £2.1m of the £4m commission.
Andrew Powell, who advised CBW while employed by G&G, recommended that the pension schemes invest £8m in a high-risk property fund chosen by Conway. G&G owner Martin Gwynn failed to seek the necessary authorisation from the FSA when appointing Powell as a director.
All three have been banned from working in financial services, while Daniel Conway, a director at Staverton and nephew of Michael Conway, has been banned from holding key positions.
CBW Trustees and CBW Pensions Forensics are not to be confused with accountancy firm CBW and its financial planning arm, CBW Financial Planning.