The Upper Tribunal has upheld a ban on two "reckless" financial advisers who were involved in 1,470 mostly 'flawed' pension transfers worth over £392m.

The Upper Tribunal, a legal court of appeal, has upheld the Financial Conduct Authority's decision to ban Toni Fox and David Brian Price from working in financial services.

The Tribunal also confirmed that the two should pay substantial financial penalties - totalling over £1m combined - for mostly “flawed” transfers. Both have also had their senior management approvals revoked.

Some of the cases included British Steel Pension Scheme members. 

The case is one of the largest involving pension transfer advice failures. 

Between 21 April 2015 and 31 October 2017, the pair, directors of Birmingham-based CFP Management Ltd (CFP), provided financial advice on 1,470 pension transfers worth over £392m.

The FCA said the duo, “designed, oversaw and personally operated a flawed advice model” designed to lead to a pension transfer.

Despite decades of experience, they failed to properly consider clients’ financial situations and risks, leading to unsuitable transfers that breached FCA rules, the FCA said. 

The FCA originally decided to fine Ms Fox £681,536 and Mr Price £632,594. Following the Tribunal’s guidance in March 2025 on how to calculate tax and interest on the money to be returned, Ms Fox and Mr Price provided further details, and the FCA recalculated and reduced the fines. The Tribunal has now endorsed the FCA’s calculations and agreed to fines of £567,584 for Ms Fox and £465,415 for Mr Price.

The Tribunal also agreed with the FCA that the advisory process the pair designed and operated posed a "real risk" to customers and that both had committed a very serious breach of the FCA’s rules. The tribunal said Ms Fox and Mr Price lacked the integrity necessary to work in the financial services industry.

In its original judgement in 2023, the FCA said that Ms Fox designed the firm's pension transfer model and signed off on almost all of the advice.

As directors of CFP, Ms Fox and Mr Price had oversight of the operation of the pension transfer model. Over 99% of the advice was to transfer and over 90% of the advice "did not comply" with FCA rules. Of those advised, 33 clients were members of the British Steel Pension Scheme. 

The regulator said the firm’s flawed business model that they designed and operated gave rise to a significant risk that many clients transferred out of their defined benefit pension when it was not suitable for them to do so.  

CFP received a fee of between £1,500 and £20,000 from each client they advised to transfer and charged £500 to clients recommended not to transfer, a so-called contingent advice fee.

Both Ms Fox and Mr Price made substantial gains from this business - Ms Fox received £473,289 in salary, dividends and pension contributions from CFP and Mr Price made £439,302. 

CFP Management Ltd was declared as failed by the Financial Services Compensation Scheme in 2021, opening the door to compensation claims.

Therese Chambers, FCA executive director of enforcement and market oversight, said: “The Tribunal’s ruling confirms that both individuals are unfit for roles in regulated firms. Their reckless actions fell far below the expected standards in financial services."