| Link(s): | Tribunal upholds ban and fines for corrupt and dishonest adviser | FCA Final Notice 2026: Darren Antony Reynolds Reynolds_v_FCA_-_Final_decision.pdf |
Context
The FCA has made the decision to ban Antony Reynolds from working in financial services and fine him £2,037,892 and this has been upheld by the Upper Tribunal. Mr Reynolds was dishonest when he gave pension transfer advice and investment recommendations to customers, causing them significant harm.
Key points to note and next actions
Mr Reynolds showed a clear disregard for his customers’ interests and provided unsuitable advice. He also advised his customers to invest in high-risk and unsuitable products while at the same time hiding high exit fees and falsifying documents. His misconduct exposed hundreds of people to serious financial loss. Over £17.6m has been paid in compensation to more than 470 affected customers, many of whom suffered losses in excess of statutory compensation limits. In addition, Mr Reynolds let 2 unapproved people provide pension advice and when confronted with his misconduct he lied to regulators, allowed important evidence to be destroyed, and moved his family home into a trust to avoid paying his debts.