01 · In plain English
What happened.
The FCA found that Alec John Cuthbert breached APER Statement of Principle 1 (which requires individuals to act with integrity) and was not fit and proper because he recklessly designed and operated a pension-transfer advice model. The regulator imposed a prohibition (a ban from regulated activity) and fined him £91,693. The action is recorded in the FCA’s Final Notice dated 30 August 2024.
Summarised from the FCA's notice and press reports. The FCA's own text and documents below are the authoritative record.
02 · Enforcement details
What the FCA published.
On 30 August 2024, the Financial Conduct Authority fined Alec John Cuthbert £91,693. This Final Notice refers to a breach of APER Statement of Principle 1 and lack of fitness and propriety related to the reckless design and operation of a pension transfer advice model in the pensions sector. We imposed a prohibition and a financial penalty of £91,693. Source: the FCA's published list of 2024 fines.
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