Regulations
By Julie Binoche
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The Upper Tribunal backed the Financial Conduct Authority's move to ban two financial advisers from the industry.
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Both men worked at senior levels - Burdett at Synergy Wealth Limited and Goodchild at Westbury Private Clients LLP.
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Burdett knew the risks but lied to clients anyway, telling them the investments were low or medium risk.
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The FCA stepped in during 2016 to stop the damage, shutting down pension activities at both Synergy and Westbury.
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Both companies went bust after that. The Financial Services Compensation Scheme has paid out over £1.4 million to victims so far, but claims keep coming in.
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The tribunal didn't hold back when describing what happened. Burdett knowingly screwed over pension holders, while Goodchild's investment management was terrible.
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The FSCS keeps handling compensation claims from this mess. Affected customers can still file claims if they haven't already.
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The FCA has been cracking down harder on financial advisers who don't put clients first. This case shows they mean business when it comes to protecting consumers from bad advice.
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Goodchild's investment strategy at Westbury was reckless according to the tribunal. Putting so much money into one offshore property project made no sense given that pension…
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The compensation process continues as the FSCS works through remaining claims. Over £1.4 million has gone to victims already, but the final total will probably be higher.
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The FCA's 2016 intervention marked the beginning of the end for both companies. Once regulators stopped their pension activities, the writing was on the wall.
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Burdett's unauthorized director role at Synergy made his violations even worse. He should have gotten FCA approval before taking that position but didn't bother.
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The FSCS continues processing claims from people hurt by these unsuitable investment schemes.
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The offshore property developer that received 38% of client funds - Caribbean Property Investments Limited - collapsed in 2017, leaving investors with worthless holdings.
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Industry data reveals pension transfer scandals cost the FSCS over £11.8 billion between 2019 and 2023.
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