The Financial Conduct Authority (FCA) has fined former adviser Frank Breuer £755,000 and banned him from working in UK financial services.
The regulator said he repeatedly acted without integrity and put customers at risk for personal financial gain.
Breuer was the joint owner and sole director of Bluesky Wealth Management Limited, which provided advice on investments and pensions.
Although authorised to advise on defined benefit (DB) pension transfers, the firm did not have the appropriate professional insurance in place from April 2019, the FCA said.
This meant Breuer’s customers were at risk of not receiving compensation if something went wrong.
The regulator said Breuer carried out at least 16 DB pension transfers while knowing he was uninsured, and repeatedly misled the FCA about the firm’s insurance position.
Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said: “Mr Breuer sought to evade paying compensation due to customers as a result of his own bad pension advice and feathered his own nest in the process, stripping substantial assets from his firm.
“He repeatedly misled the FCA and flouted FCA restrictions. He’s not fit to work in financial services.
“Anyone who has been affected by Mr Breuer’s advice should visit the FSCS website to check whether they’re eligible for compensation.”
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