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Release Date: 20th March 2015

To access the original FCA document, click here.


The Financial Conduct Authority (FCA) has fined and banned Lloyd Pope and Peter Legerton, former directors of TailorMade Independent Ltd (TMI), for failings in pension advice related to self-invested personal pensions (SIPPs). The FCA found both men responsible for exposing customers to unsuitable, high-risk investments, failing to manage conflicts of interest, and inadequate oversight of compliance functions.

Key Points:

Misconduct Details:

FCA’s Position:

Georgina Philippou, acting director of enforcement and market oversight, stated that Pope and Legerton’s actions exposed customers to risky investments without considering their suitability, leading to potential losses of hard-earned pension funds. Their failings were seen as a significant breach of the standards expected from senior individuals in financial services.

Key Takeaways for Other Firms:


The FCA’s actions against Pope and Legerton highlight the importance of robust compliance systems, effective management of conflicts of interest, and the need to prioritise customer protection in the financial services industry.

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