6th May 2022
The Upper Tribunal handed down its judgment on Wednesday 4 May in the case of Page & Ors. V Financial Conduct Authority. James and Rebecca represented the successful Financial Conduct Authority in its case against 5 individuals involving the transfer of more than 1,500 retail customers’ pensions totalling more than £60 million, which was invested into loan notes and bonds being promoted by one entity.
This was one of the most substantial financial references to be heard by the Upper Tribunal, lasting 5 weeks, involving allegations of dishonesty and recklessness, conflicts of interest and misleading the Financial Conduct Authority.
The Financial Conduct Authority was successful on substantially all of the key allegations it made, resulting in findings against of a lack of integrity and consequential prohibition orders and substantial penalties against all the individuals. Reflecting the many issues in the case the judgment is lengthy, stretching to more than 300 pages, but considers in detail some of the key issues for regulated IFA businesses in the due diligence to be undertaken on products before recommending them, the ongoing supervisory obligations involved when activities are outsourced and the conflicts of interest that can arise when working with the promoters of financial products.
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