FCA Bans Former Adviser and Requires Payment to FSCS for Unsuitable Pension Transfer Advice

The Financial Conduct Authority (FCA) has banned Mark Abley of County Capital Wealth Management Ltd (in liquidation) (CCWM) from giving any pension advice. Abley will be required to pay a total of £106,100 to the Financial Services Compensation Scheme (FSCS) in lieu of the FCA, as a contribution towards the redress owed to the customers of CCWM. He had provided pension transfer advice to 575 people between April 2015 and February 2018, of which 56% were found to fail to meet the required standards, thus putting the customers' money at risk. The FSCS has since paid out £2.1 million in compensation to the customers of CCWM. Any customers who were advised by CCWM to transfer their pensions should contact the FSCS to see if they are owed redress.