Faulty transfer model prompts FCA action against four Essex pension specialists

The FCA has decided to ban and fine four men in a Chelmsford-based firm of financial advisers for putting over 500 customers at "significant risk" by using a faulty model for arranging pension transfers.

By Neasa MacErlean

Three of the men are appealing to the Upper Tribunal, while the fourth, Alec Cuthbert - who was fined the smallest sum - has agreed to settle with the regulator.