Release Date: 20th September 2018

To access the original FCA document, click here.

Summary

Alistair Rae Burns was fined £60,000 by the Financial Conduct Authority (FCA) and prohibited from performing any senior management or significant influence function in any regulated activities. This action results from Mr Burns’ failure to ensure that TailorMade Independent Limited (TMI) complied with regulatory requirements, specifically regarding the transfer of pension benefits into Self Invested Personal Pensions (SIPPs) and managing conflicts of interest.

Key Takeaways for Other Firms:

• Ensure Compliance: Firms must take reasonable steps to comply with regulatory requirements, particularly when giving personal recommendations to customers.
• Manage Conflicts of Interest: Clearly disclose and fairly manage any conflicts of interest to customers.
• Effective Oversight: Senior management must ensure they are adequately overseeing and influencing the firm’s regulatory compliance.

In conclusion, the FCA’s action against Alistair Rae Burns underscores the importance of regulatory compliance and the responsibilities of senior management in overseeing and managing conflicts of interest within their firms.