FCA beslutar att förbjuda och bötfälla rådgivaren Daniel Thomas med £742,700

The Financial Conduct Authority har beslutat att förbjuda Daniel Thomas från att arbeta inom finansiella tjänster och bötfälla honom med £742,700 efter att ha funnit att han vårdslöst gav rådgivning om överföring av förmånsbestämda pensioner som han varken var kvalificerad eller behörig att ge. Regleringsmyndigheten announced the decision on 3 september 2026. Thomas har hänvisat sitt Decision Notice till Upper Tribunal, där han kommer att presentera sitt fall, så fynden förblir provisoriska och FCA kommer inte att vidta någon åtgärd mot honom förrän tribunalen fattar sitt beslut.

Enligt Beslutsmeddelandet, daterat 15 augusti 2025, anser FCA att Thomas mellan den 8 april 2014 och den 20 september 2019 bröt mot Statement of Principle 1 (integrity), Statement of Principle 2 (due skill, care and diligence) och Statement of Principle 4 (co‑operation) i sina Statements of Principle för godkända personer. Meddelandet anger att han gav pensionsöverföringsrådgivning vid 63 tillfällen till 53 klienter som därefter överförde sina besparingar från förmånsbestämda scheman, att han förstörde handlingar som rörde den rådgivningen, och att han underlät att samarbeta med FCA:s utredning.

Thomas var direktör och finansiell rådgivare på DPT Financial Solutions Limited, ett företag han grundade den 21 juni 2012 och där han var ensam direktör och aktieägare. DPT agerade som appointed representative för Quilter Financial Services Ltd, tidigare Intrinsic Financial Planning Limited, vilket innebar att Quilter var huvudföretaget med ansvar för att övervaka de aktiviteter som DPT hade fått utföra. Thomas godkändes för att utföra CF1 Director (Appointed Representative)-funktionen hos DPT och CF30 (Customer)-funktionen hos Quilter. FCA har inte gjort några fynd mot Quilter i samband med ärendet.

Permissions and Qualification Requirements

The appointed representative agreement permitted Thomas to advise on mortgages and certain pension transfers, but it did not permit defined benefit transfer advice. Under the agreement’s terms, advisers wishing to provide such advice were required to attend a pension transfer workshop, pass an internal test, hold a G60 or AF3 qualification, and submit all proposed defined benefit transfers to Quilter’s compliance department for pre-approval. Thomas attended the workshop and passed a test that permitted him to advise on switches between defined contribution schemes, but he never obtained the G60 or AF3 qualifications and submitted no defined benefit transfer cases for pre-approval.

The FCA’s Conduct of Business Sourcebook requires that advice on defined benefit transfers be given or checked by a qualified Pension Transfer Specialist. Defined benefit schemes provide guaranteed retirement income that increases annually, and FCA guidance states that a firm should start by assuming a transfer will not be suitable. Separately, section 48 of the Pension Schemes Act 2015 requires pension providers to ensure members take appropriate independent advice before a transfer of safeguarded benefits worth more than £30,000 proceeds.

Misleading Statements and Concealment

The Decision Notice states that Thomas repeatedly misled clients, pension scheme providers and Quilter. In letters addressed to clients and sent to scheme administrators, he confirmed that he held “the correct authorisation under the relevant legislation to provide advice to carry out the transfer of any safeguarded benefits,” which the FCA says was false; without those representations, the transfers could not have proceeded. In 21 instances he signed Financial Advice Declaration Forms confirming he had the necessary permissions. He also misdescribed the business on Quilter’s IT system, categorising the transfers as “Fund Initial Charges” and in some cases as “personal pension” business rather than pension transfers, with the result that Quilter’s compliance systems could not identify them, according to the notice.

The FCA identified payments of £173,732.57 made to Thomas for the advice, paid into DPT’s bank account via Quilter, which retained 15% of the commission under the firms’ agreement. Quilter has told the FCA it has taken steps to contact the clients who received the unauthorised advice and to repay the commission it retained, plus interest. Four of the 53 clients were members of the British Steel Pension Scheme and were in a particularly vulnerable position when he advised them, the notice states. The FCA has previously taken enforcement action against a range of firms and individuals over advice given to consumers to transfer out of that scheme.

Quilter suspended Thomas from his customer‑facing duties on 26 mars 2019 after concerns arose about cases not recorded properly on its systems, missing paperwork and payments claimed before advice had been pre‑approved. On 20 september 2019, Quilter terminated the appointed representative agreement, and it confirmed the termination in writing on 1 oktober 2019, stating that the reason was his provision of defined benefit transfer advice without its authority. The notice also states that since 4 november 2022, Thomas has not responded to repeated requests and compelled requirements to provide information and has refused to engage with attempts to arrange a second interview.

Penalty Calculation and Tribunal Referral

The £742,700 penalty comprises a disgorgement figure of £202,114 and a punitive figure of £540,645. The disgorgement element consists of £173,732 in income the FCA says directly stemmed from the breach, plus £28,382 in interest charged at Bank of England base rates. The punitive element is based on 40% of Thomas’s relevant income of £1,126,345 from DPT during the breach period, representing level 5, the most serious of five levels on the FCA’s scale, and was increased by 20% to reflect his failure to cooperate with the investigation. No settlement discount applied, and the total was rounded down to the nearest £100 in line with the FCA’s usual practice.

The FCA imposed the penalty under section 66 of the Financial Services and Markets Act 2000 and the prohibition order under section 56 of that Act, concluding that Thomas lacks integrity and is not a fit and proper person to perform any function in relation to any regulated activity. Therese Chambers, executive director of enforcement and market oversight at the FCA, said: “When you advise someone on their pension, you hold their future in your hands. Mr Thomas recklessly betrayed that responsibility.”

The Upper Tribunal will determine what, if any, action is appropriate for the FCA to take on the financial penalty, and whether to dismiss the reference on the prohibition order or remit it to the FCA with directions. The Tribunal’s decision will be published on its website.