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People Moves: Week ending Friday 4 August 2023

FSCS pay outs lower due to reduced Sipp and pension claims

FCA bars and fines IFA £116K over pension switches

TThe regulator has banned and fined adviser Omar Hussein for "providing reckless and unsuitable" pension switching advice.

FCA fines adviser £116k for reckless pension transfers

Omar Hussein, former director and senior financial adviser at pension switching firm Consumer Wealth Ltd (CWL), has been prohibited from working in financial services and fined £116,000, the Financial Conduct Authority (FCA) has revealed.

UK Financial Conduct Authority Prohibits And Fines Omar Hussein For Pension Switching Advice Failings

<p><span>The FCA has prohibited Omar Hussein, former director and senior financial adviser at pension switching firm Consumer Wealth Ltd (CWL), from working in financial services.&nbsp;Mr Hussein has also been fined &pound;116,000 for providing reckless and unsuitable pension switching advice.&nbsp;</span></p>

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