Ban on Pension Advisory Firm and its Principal for Inadequate Advice

The Financial Conduct Authority (FCA) has banned Denis Lee Morgan, former owner and operator of Pembrokeshire Mortgage Centre Limited (PMC), from providing pension advice to customers or from holding any senior management role in a regulated firm. The ban was issued due to Morgan's lack of competence with his oversight of the Pension Transfer Advice process at PMC between June 2015 and December 2017. This poor advice caused significant risk to customers, many of whom were members of BSPS, as Morgan either failed to consider their financial situations, retirement needs, attitude to risk, or whether transferring would be in their best interest. In addition to this, Morgan earned over £2 million in fees as a result of the poor advice, which he was deemed undeserving of by the FCA. If other advisers fail to provide suitable advice to customers, similar action will be taken to prevent further harm.