Tribunal Upholds FCA Ban on Financial Advisors Fenech and Dunne

The Upper Tribunal has upheld the Financial Conduct Authority (FCA)'s decision to permanently ban Richard Fenech and Heather Dunne from the financial services industry. This action follows findings that the duo acted dishonestly by presenting a backdated appointed representative agreement to the FCA.

Findings of Dishonesty and Negligence

The Tribunal confirmed that Heather Dunne falsely claimed to have provided advice to certain pension schemes before actually doing so. Furthermore, she was found negligent in her pension transfer advice, affecting around 92% of clients who transferred over £126 million out of defined benefit pension schemes from April 2015 to June 2017. Richard Fenech failed to adequately supervise Dunne's advisory practices, exacerbating the misconduct.

Tribunal's Adjustments to Penalties

The initial fines imposed by the FCA were adjusted by the Tribunal. While the original sanctions assumed all of Dunne’s advice breached regulations, the Tribunal found only 18% of clients received unsuitable advice. Consequently, the fines were reduced to £41,230 for Dunne and £16,046 for Fenech, with only the income Fenech earned through his dealings with Dunne factored into his penalty.

Official Statements and Implications

Therese Chambers, Executive Director of Enforcement and Market Oversight at the FCA, supported the Tribunal's decision, emphasizing the importance of integrity in financial services:

"We welcome the Tribunal's ruling, which supports our decision that Mr Fenech and Ms Dunne are unfit to work in financial services."

She reiterated the industry's zero tolerance for dishonesty and negligence, highlighting that those who breach trust must face consequences.

Legal Procedures and Further Actions

The Upper Tribunal rendered its judgments on 27 April 2026 and 27 July 2026. Fenech and Dunne have the option to appeal within 14 days from the Tribunal's decision. Dunne operated as Heather Dunne Independent Financial Adviser (HDIFA) and was an appointed representative of Financial Solutions Midhurst Ltd (FSML), which was managed by Fenech.

FCA's Commitment to Rigorous Enforcement

The FCA remains dedicated to maintaining rigorous and prompt investigations to enhance the regulatory framework. Ongoing efforts include improvements in the oversight of appointed representatives. For more information on the FCA’s regulatory actions, consult their defined benefit pension transfer guidance and appointed representative oversight initiatives.

The public is encouraged to use the FCA’s pension transfer advice checker for evaluating received advice, and details of this case are available on the Upper Tribunal's website.