Key facts
- The FCA has banned Daniel Thomas, a former Quilter representative, from working in finance.
- Thomas received a fine of £742,700 for giving advice on defined benefit pensions.
- He is accused of "recklessly betraying his responsibilities" by providing advice he was not qualified to give.
- Over five years, Thomas misled more than 50 clients.
- The FCA found that Thomas earned over £173,000 in fees from these recommendations.
- Thomas also misled pension providers, destroyed client records, and failed to cooperate with the FCA's investigation.
The Financial Conduct Authority (FCA) has banned Daniel Thomas, a former representative of wealth manager Quilter, from the financial industry and fined him £742,700 for providing reckless advice on defined benefit pensions. The watchdog found that Thomas, through his firm DPT Financial Solutions, misled over 50 clients over a five-year period, recommending they transfer out of guaranteed income pensions into defined contribution schemes. This advice was neither qualified nor permitted, according to the FCA. Thomas earned more than £173,000 in fees from these transfers. Therese Chambers, executive director of enforcement at the FCA, stated that Thomas "recklessly betrayed" his responsibility to clients, whose futures were in his hands. Thomas also reportedly misled pension providers, destroyed client records, and failed to cooperate with the regulator's investigation. His Bridgend-based firm was terminated from the Quilter network over six years ago. The FCA has made no findings against Quilter itself. Thomas has appealed the decision, meaning the FCA's findings are currently provisional.