The Financial Conduct Authority has decided to ban Daniel Thomas from financial services and fine him GBP 742,700 after provisionally finding that he recklessly provided defined benefit pension transfer advice without the required qualifications or permissions. Over five years, Thomas advised 53 clients on 63 transfers and is believed to have earned more than GBP 173,000 in fees. Thomas, a director and financial adviser at appointed representative DPT Financial Solutions Limited, also allegedly misled clients, pension providers and his principal firm about his qualifications and involvement in the transfer cases. The FCA further found that he destroyed client records and failed to cooperate with its investigation. Some clients were members of the British Steel Pension Scheme. The FCA made no findings against principal firm Quilter Financial Services Ltd. Thomas has referred the Decision Notice to the Upper Tribunal, making the FCA’s findings provisional. The regulator will take no action until the tribunal reaches and publishes its decision.
2026-09-03Financial Conduct Authority
UK Financial Conduct Authority decides to ban Daniel Thomas and fine him GBP 742,700 over unauthorized pension transfer advice
The Financial Conduct Authority has decided to ban Daniel Thomas and fine him GBP 742,700 for allegedly providing unauthorized defined benefit pension transfer advice to 53 clients. The findings, which also cover misleading statements, destroyed records and failure to cooperate, remain provisional because Thomas has referred the case to the Upper Tribunal.