{
  "id": 5300328,
  "title": "‘Reckless’ pensions advice: Watchdog slaps ex-Quilter rep with huge fine",
  "url": "https://urgent.news/2026/09/03/reckless-pensions-advice-watchdog-slaps-ex-quilter-rep-with-huge-fine",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-03T09:49:45.000Z",
  "source": {
    "name": "City AM",
    "slug": "city-am",
    "url": "https://www.cityam.com/reckless-pensions-advice-watchdog-slaps-ex-quilter-rep-with-huge-fine/"
  },
  "original_language": "en",
  "account": "The Financial Conduct Authority (FCA) has banned former Quilter adviser Daniel Thomas from working in finance, imposing a lifetime ban and a £742,700 fine. Thomas, who ran DPT Financial Solutions, an approved representative of FTSE 250 wealth manager Quilter, was accused of \"recklessly betraying his responsibilities\" by providing pensions advice beyond his qualifications. Over five years, the FCA discovered that Thomas misled more than 50 clients, advising them to transfer from defined benefit (DB) pensions to more costly defined contribution pensions. By doing so, Thomas earned over £173,000 in fees. The FCA's executive director of enforcement, Therese Chambers, emphasized that Thomas \"recklessly betrayed the trust placed in him\" when he advised clients on their pension future. Thomas appealed the decision, but the FCA maintains its findings are provisional. The watchdog stated that Thomas \"repeatedly misled clients and pension providers\" about his qualifications and destroyed client records, failing to cooperate with the investigation. Quilter, the accused financial manager, was not held accountable in the ruling.",
  "summary": "The City watchdog has banned a former Quilter adviser from working in finance, accusing him of “recklessly betraying his responsibilities” by offering pensions advice he wasn’t qualified to give. The Financial Conduct Authority (FCA) has given Daniel Thomas – whose DPT Financial Solutions was an approved representative of FTSE 250 wealth manager Quilter – a [...]",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}