01 · In plain English
What happened.
On 12 May 2026 the Financial Conduct Authority fined and prohibited Frank Breuer £755,000 for breaches of the Fit and Proper test (FIT), COCON 2.1.1 and APER 1 related to a lack of fitness and propriety and failing to act with integrity as an investment adviser. The FCA found he provided pension and investment advice without the required professional indemnity insurance (since April 2019), failed to pay an Ombudsman award and put customers’ compensation at risk. The penalty includes disgorgement of financial benefit and interest; the FCA imposed both a prohibition from regulated activity and the financial penalty (Final Notice dated 12 May 2026).
Summary generated from the FCA notice and press reports. Check the final notice below before relying on it.
02 · Enforcement details
What the FCA published.
On 12 May 2026, the Financial Conduct Authority fined Frank Breuer £755,000. This Final Notice refers to breaches of FIT, COCON 2.1.1 and APER 1 related to a lack of fitness/propriety and failing to act with integrity in the Investment Adviser sector. We imposed a prohibition and a financial penalty. Source: the FCA's published list of 2026 fines. Notice:
03 · Press coverage
How it was reported.
- UK watchdog bans pension advisory director for misconductReuters · 12 May 2026
- FCA fines and bans Frank Breuer for serious misconduct in pension transfer adviceFinancial Conduct Authority · 11 May 2026
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