FCA decides to ban and fine Daniel Thomas over unauthorised pension transfer advice

Why this matters

This is a final enforcement decision (Decision Notice) imposing a ban and £742,700 fine on an individual adviser for recklessly providing unqualified pension transfer advice to 53 clients over 5 years, including vulnerable British Steel Pension Scheme members. The case illustrates FCA's active enforcement against misconduct in defined benefit pension advice and establishes precedent on adviser qualification requirements and client protection obligations. While directed at an individual rather than a firm, it carries high significance for wealth managers and appointed representatives managing pension transfer advice. Urgency is high because it reflects active enforcement priorities and regulatory expectations that firms must ensure adviser qualifications and oversight.

AI-generated classification rationale, not a full analysis. Verify with the original FCA source before acting. Full disclaimer.