FCA bans firm for failure to comply with FOS award

FCA has cancelled the permission of Foreman Financial Services Limited for failure to remain fit and proper and specifically for breach of DISP rules and Principles 6 and 11. The firm had advised a customer to transfer his pension into a SIPP to fund a property investment. The customer complained to FOS that the firm had not adequately assessed the suitability of the investment and he should not have been advised to make the transfer. FOS upheld is complaint and ordered the firm to take various steps to remedy the breach. The customer accepted the FOS award in September 2016. Despite repeated requests by FOS and FCA, the firm has not complied.  The firm said it disputed the award but as it has not sought judicial review of it, the award stands. As a result, FCA has decided the firm is not fit and proper.