FCA fines and bans former Bluesky director £755k over pension advice
FCA banned Frank Breuer and fined him £755,000 for serious misconduct relating to defined benefit pension transfer advice at Bluesky Wealth Management, including lack of professional indemnity insurance.
The enforcement underscores FCA's continued focus on DB pension transfer misconduct and senior individual accountability. Firms must ensure PII adequacy, advice suitability and integrity standards under SMCR.
Reinforces enforcement risk for advisory firms and senior managers involved in pension transfers.
Action Required
Review DB pension transfer advice governance, PII coverage and SMCR accountability for senior advisers.
Material individual enforcement action highlighting persistent DB transfer risk theme.
Review DB transfer advice files, PII adequacy and senior manager attestations. Strengthen suitability QA and conflicts management to mitigate enforcement exposure.
“FCA banned Frank Breuer and fined him £755,000 for repeatedly acting without integrity. He was sole director of Bluesky Wealth Management, which advised on DB pension transfers without appropriate PII from April 2019.”