FCA bans financial adviser William Mark Tristan Freer, and four others, over an adopted business model that has cost the FSCS £50M in pay-outs so far.

The Financial Services Compensation Scheme (FSCS) have had to pay out £50m as a result of five former Financial Advisors, including Tristan Freer, recently being associated with a pension transfer scheme, where clients were advised to transfer their pensions into high-risk investments. The financial advisors have been banned from advising by the FCA due to their wrongdoings.

The financial advisers have been accused of ‘failing to act with integrity, having either acted dishonestly or recklessly’. Due to this, the Financial Conduct Authority (FCA) has collectively fined the five Financial Advisors a total of over £1m and prohibited them from working in financial services.

Advice firms Bank House Investment management– based in Cheltenham; Financial Page– based in Shropshire and Henderson Carter Associates– based in Merseyside were run between the five Financial Advisors. These advisory firms have all since collapsed, leaving the FSCS with £50m redress paid out so far.

On 16 May 2022, the Financial Conduct Authority (FCA) made an order prohibiting William Mark Tristan Freer from performing any function in relation to any regulated activity carried on by an authorised person, exempt person, or exempt professional firm.

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