Darren Anthony Reynolds

The FCA (whose decision was upheld by the Upper Tribunal) found that Darren Antony Reynolds gave dishonest pension transfer advice to members of the British Steel Pension Scheme, encouraged unsuitable transfers and investments, hid high exit fees, falsified documents and obstructed the investigation. He was banned from regulated financial services and fined £2,037,892 for breaching Statement of Principle 1 (which requires firms and individuals to act with integrity). The FCA said over £17.6m has been paid in compensation to more than 470 affected customers and that the Tribunal agreed with the FCA’s penalty calculation; no settlement discount was applied.