Andrew Page and Others v The Financial Conduct Authority [2022] UKUT 00124 (TCC)
| Jurisdiction | UK Non-devolved |
| Judge | Judge Timothy Herrington,Member Sue Dale,Member Gary Botterill |
| Neutral Citation | [2022] UKUT 00124 (TCC) |
| Subject Matter | 4 May 2022 |
| Court | Upper Tribunal (Tax and Chancery Chamber) |
| Published date | 06 May 2022 |
[2022] UKUT 00124 (TCC)
Reference numbers: FS/2019/002,005,006,007&008
FINANCIAL SERVICES – pensions switching activities of independent
financial advisers (IFAs) - whether advisers acted without integrity in
adopting and using a pension advice process outsourced to a third party
which resulted in recommendations for retail customers to switch their
personal pensions into SIPPs investing in unregulated funds - whether the
unregulated funds were high risk and generally unsuitable for retail
investors - whether the IFAs failed to have regard to material conflicts of
interest when recommending the funds-whether the IFAs carried out
adequate due diligence on the funds and those operating the outsourced
functions of the advice process - Statement of Principle 1 of the Authority’s
Statements of Principle for Approved Persons-COBS 2.1.1R, 4.2.1R,9.2.1R,
9.2.6R etc - SYSC 7.1, 8.1 and 10.1
Financial penalty – whether in relation to one applicant action to impose
financial penalty partially time-barred - whether one applicant performed
role of director without the Authority’s approval knowing or being
reasonably expected to have known that approval was required - whether
financial penalty appropriate for IFAs concerned and if so appropriate level
of penalty – ss 63A, 66 FSMA
Fitness and properness of IFAs concerned - prohibition order in relation to
all functions in relation to regulated activities - s 56 FSMA
UPPER TRIBUNAL
TAX AND CHANCERY CHAMBER
ANDREW MARK THOMAS PAGE
ROBERT WARD
WILLIAM MARK TRISTAN FREER
THOMAS HENRY WARD
AIDEN JAMES HENDERSON
Applicants
- and -
THE FINANCIAL CONDUCT AUTHORITY
The
Authority
TRIBUNAL:
Judge Timothy Herrington
Member Sue Dale
Member Gary Bottriell
Sitting in public at The Rolls Buildings, Royal Courts of Justice, London EC4 on
8-12,15-19,22-26, 29-30 November and 1-2 and 8-9 December 2021
Mr Andrew Page in person
James Lloyd, Counsel, instructed by Murray Hughman Solicitors, for the second
to fifth Applicants
James Purchas and Rebecca Keating, Counsel, instructed by the Financial
Conduct Authority, for the Authority
© CROWN COPYRIGHT 2022
GLOSSARY
Terms
AIGO AIGO Holdings PCC, a protected cell company
incorporated in Mauritius as an Expert Fund and which
issued the Loan Notes though a number of cells
AIGO IM the Information Memorandum dated 14 November
2013 issued by AIGO
Applicant any of Mr Page, Mr T Ward, Mr Henderson,
Mr R Ward and Mr Freer
Authority the body corporate previously known as the Financial
Services Authority and renamed on 1 April 2013 as the
Financial Conduct Authority
Avalon Avalon Investment Services Limited, one of the SIPP
Providers
Avalon SIPP the Avalon Freedom SIPP, a SIPP provided and
administered by Avalon
BHIM Bank House Investment Management Limited,
the Firm of which Mr R Ward and Mr Freer were
approved persons during the Relevant Period
Bonds any of the HJ Residential plc 6% Bonds 2024,
HJ Commercial plc 7% Bonds 2024, HJ SME plc
8% Bonds 2024 and HJ Liquid Assets plc 3% 2024
Bonds and also referred to as the Residential Bonds,
the Commercial Bonds, the SME Bonds, and the
Liquid Assets Bonds respectively
Brochure a document drafted by HJL for use by each of the
Firms marketing their services to be sent to customers
along with the Service Proposition
CAL City Administration Limited, an unauthorised entity
to whom was delegated the information gathering and
advice process elements of the Pension Review and
Advice Process from mid-October 2014 onwards
Cells the AIGO UK Residential Property Fund, the AIGO
Commercial Property Fund, the AIGO Natural
Resources Fund and the AIGO Equity Fund, each
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