REFILE-UK financial regulator bans three from financial services

Tue Dec 17, 2013 11:36am EST

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LONDON Dec 17 (Reuters) - Britain's financial regulator said on Tuesday it has banned three men from working in financial services and another from holding key positions in the industry over failings in relation to occupational pension schemes.

The Financial Conduct Authority said this followed a review of CBW Trustees Limited and CBW Pensions Forensics Limited by the Pension Regulator.

The FCA has banned Michael Conway, director of pension firm CBW, Andrew Powell an independent adviser at G&G Financial Services and Martin Gwynn, G&G's owner.

The bans follow a review that found advice given about six occupational pension schemes led to savers moving investments around unnecessarily, generating more than 4 million pounds ($6.52 million) in commission.

The FCA said Conway influenced Powell's advice, from which both gained personally, while Gwynn failed to seek the necessary authorisation from the regulator when appointing Powell and did not properly monitor his advice.

Daniel Conway, a director of Staverton Wealth Management, which was partially owned by Michael Conway, was banned from performing any roles designated as 'controlled functions' by the FCA.

He had no prior experience of advising occupational pension schemes, the FCA said.

"When it comes to pension funds, people expect their investments to be carefully managed given the potential impact on their retirement income. This makes the behaviour of this quartet particularly disgraceful," said Tracey McDermott, FCA director of enforcement and financial crime.

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