The UK Financial Conduct Authority (FCA) has decided to ban Daniel Thomas from working in financial services and fine him £742,700 after finding he recklessly gave defined benefit pension transfer advice he was neither qualified nor allowed to give.

Mr Thomas was a director and financial adviser at DPT Financial Solutions Limited. Over five years Mr Thomas advised 53 clients about 63 transfers out of defined benefit pension schemes and is believed to have earned more than £173,000 in fees.

Mr Thomas repeatedly misled clients and pension providers about his professional qualifications, destroyed client records and failed to co-operate with the FCA’s investigation.

Mr Thomas’ firm was an appointed representative. This meant another firm (known as a principal) had responsibility for overseeing its actions. Mr Thomas provided misleading information to his principal firm about his involvement in the pension transfer cases.

Mr Thomas has referred his Decision Notice to the Upper Tribunal where he will present his case. Any findings in the Decision Notice are therefore provisional and reflect the FCA’s belief as to what occurred and how it considers his behaviour should be characterised. The FCA will take no action against him until the Tribunal reaches its decision.