The Upper Tribunal upheld the UK Financial Conduct Authority (FCA)’s decision to ban Richard Fenech and Heather Dunne from working in financial services.

The Tribunal agreed that both acted dishonestly by providing a backdated appointed representative agreement to the FCA.

The Tribunal found that Ms Dunne falsely claimed she had given advice to some pension schemes before she had done so. Also, that she had failed to take proper care when giving pension transfer advice. Meanwhile Mr Fenech failed to properly oversee her work.

Ms Dunne advised about 92% of her clients to move out of defined benefit pension schemes between April 2015 and June 2017. This led to more than £126m being transferred, including when it was not in clients’ best interests.

The FCA had based both fines on the finding that all of Ms Dunne’s advice breached regulatory requirements. The Tribunal ruled that the fines should reflect its finding that 18% of Ms Dunne’s clients received unsuitable advice. It also ruled that only the income Mr Fenech earned from his relationship with Ms Dunne should count towards his fine.

The Tribunal agreed fines were appropriate but reduced these to £41,230 for Ms Dunne and £16,046 for Mr Fenech.