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Release Date: 14th July 2017

To access the original FCA document, click here.

Summary

The Financial Conduct Authority (FCA) has fined David Samuel Watters £75,000 for failing to exercise due skill, care, and diligence in his role as Compliance Oversight (CF10) at Lanyon Astor Buller Limited (LAB) and previously at McClure Watters. This penalty is related to advice given during Enhanced Transfer Value (ETV) exercises between February 2006 and April 2009, where over 700 defined benefit (DB) scheme members were advised to transfer to defined contribution (DC) schemes, resulting in transfers totalling about £12.7 million.

Reasons for the Fine:

Key Takeaways for Other Firms:

Conclusion:

The FCA’s action against David Samuel Watters underscores the importance of compliance oversight and the need for firms to ensure that their advice processes are robust, compliant, and in the best interest of clients. Firms must take proactive steps to manage conflicts of interest and maintain thorough documentation to avoid similar penalties.

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