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FSA bans Freedom Sipp directors

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The FSA has banned John Quarrell and Susan Beaumont from working in the financial services industry because they are not “fit and proper persons”.

The FSA decided Quarrell and Beaumont are unfit to work in financial services because The Pensions Regulator determined in August 2009 that they were not fit and proper persons to be trustees of pension schemes.

Both were directors at Quarters Trustees and Freedom Sipp, which transferred in excess of £20m of funds from one bank to another without getting permission from the scheme’s members.

The duo had contested the FSA’s the decision to remove their regulatory permissions but the Upper Tribunal rejected the appeal in September.

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