The Upper Tribunal has upheld the decision by the UK Financial Conduct Authority (FCA) to ban Darren Antony Reynolds from working in financial services and fine him £2,037,892.

Mr Reynolds was dishonest when he gave pension transfer advice and investment recommendations to his customers, causing them significant harm.

Mr Reynolds showed a clear disregard for his customers’ interests. He encouraged British Steel Pension Scheme members to transfer out of their defined benefit pension scheme, despite knowing that the advice was wholly unsuitable. He also advised his customers to invest in high-risk and unsuitable products while at the same time hiding high exit fees and falsifying documents.

Mr Reynolds’ misconduct exposed hundreds of people to serious financial loss. Over £17.6m has been paid in compensation to more than 470 affected customers, many of whom suffered losses in excess of statutory compensation limits.

In addition, Mr Reynolds let two unapproved people give pension advice, putting customers at risk. When confronted with his misconduct he lied to regulators, allowed important evidence to be destroyed, and moved his family home into a trust to avoid paying his debts.

The Tribunal noted that ‘Mr Reynolds is clearly guilty of dreadful misconduct over a protracted period, which had very serious adverse impacts on a large number of retail customers. He is, as the Authority alleged, a corrupt and dishonest man lacking integrity.’