The Financial Conduct Authority has banned Frank Breuer from working in UK financial services and fined him GBP 755,000 after finding that he repeatedly acted without integrity in relation to defined benefit pension transfer advice at Bluesky Wealth Management Limited, where he was joint owner and sole director. He carried out at least 16 defined benefit pension transfers while knowing the firm lacked the appropriate professional insurance from April 2019, which left customers at risk of not receiving compensation if problems arose, and he repeatedly misled the FCA about the firm’s insurance position. The case also covers breaches of restrictions Mr Breuer agreed with the FCA in October 2019 to protect customers and the firm’s assets. He ignored those restrictions and stripped assets from Bluesky through large dividends, personal loans and transfers through connected accounts. By September 2020 he knew the FCA had concerns about the suitability of Bluesky’s defined benefit advice, and from June 2022 onwards the Financial Ombudsman Service upheld several complaints about that advice. Bluesky entered insolvency in April 2023, leaving customer liabilities of at least GBP 214,772.88 to be met by the Financial Services Compensation Scheme. The FCA said the penalty includes disgorgement of financial benefit and interest. The Financial Services Compensation Scheme redress scheme remains open to claims, and GBP 214,772.88 has so far been paid to affected customers.
Financial Conduct Authority 2026-05-12
Financial Conduct Authority bans Frank Breuer and fines him GBP 755000 for misconduct in defined benefit pension transfer advice
The Financial Conduct Authority has banned Frank Breuer from UK financial services and fined him GBP 755,000 for repeatedly acting without integrity over defined benefit pension transfer advice at Bluesky Wealth Management Limited. He advised on at least 16 transfers knowing the firm lacked appropriate professional insurance and misled the regulator about its insurance. The FCA found he breached restrictions by stripping assets from Bluesky through large dividends, personal loans and transfers via connected accounts, contributing to its April 2023 insolvency and leaving at least GBP 214,772.88 in customer liabilities, which the Financial Services Compensation Scheme has paid in redress.