01 · In plain English
What happened.
The FCA fined individual Kulvir Virk £215,500 and issued a prohibition order on 19 June 2024 for misconduct in the pensions sector. The regulator’s Final Notice records breaches of PRIN 1 (the requirement to act with integrity) and PRIN 6 (the requirement to exercise due care, skill and diligence). The action names Virk as the subject (an individual, not a firm) and records the financial penalty and the prohibition order as the regulatory outcomes.
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 19 June 2024, the Financial Conduct Authority fined Kulvir Virk £215,500. This Final Notice refers to breaches of PRIN 1 and PRIN 6 related to a failure to act with integrity and a failure to exercise due care, skill and diligence in the pensions sector. We imposed a financial penalty and a prohibition order. Source: the FCA's published list of 2024 fines.
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