Fenech & Dunne v FCA: Upper Tribunal Rules on Pension Transfer Advice (April 2026)
Summary
The Upper Tribunal Tax and Chancery Chamber partially allowed applications by Fenech & Dunne challenging FCA Decision Notices concerning pension transfer advice from defined benefit to defined contribution schemes. The tribunal reviewed the FCA's sampling and review process, finding that the majority of sampled advice was suitable but identifying deficiencies in other advice cases and supervision failings. The tribunal considered whether the applicants acted dishonestly or whether one applicant was reckless, ultimately allowing the applications in part. One matter relied upon by the Authority was found to be outside the six-year limitation period.
“Tribunal findings about the sample majority of advice suitable – findings about other advice and supervision failings – whether Applicants were dishonest – whether one Applicant was reckless – Applications allowed in part”
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What changed
The Upper Tribunal issued a decision partially allowing the applicants' challenge against FCA Decision Notices relating to unsuitable advice on transfers from defined benefit pension schemes to defined contribution schemes. The tribunal examined the Authority's sampling and review process, finding that the majority of advice in the sample was suitable. However, the tribunal also found issues with other advice and identified supervision failings. The decision addressed questions of dishonesty and recklessness against the applicants.
FCA-regulated firms providing pension transfer advice should note the tribunal's approach to sampling methodology and review processes in enforcement cases. The finding that some matters fell outside the limitation period and the partial nature of the allowal indicate the importance of procedural compliance and record-keeping in pension transfer advice, as well as the scrutiny applied to supervision practices by the regulator.
Archived snapshot
Apr 27, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
[2026] UKUT 00162 (TCC) Fenech & Dunne v FCA
Upper Tribunal Tax and Chancery decision of Judge Redston on 27 April 2026.
From: HM Courts & Tribunals Service and Upper Tribunal (Tax and Chancery Chamber) Published 27 April 2026 Category: Financial Services Release date: 27 April 2026 Read full decision: UT-2024-00009 UT-2024-00010 Fenech & Dunne v FCA
FINANCIAL SERVICES – transfers from defined benefit schemes to defined contribution schemes – Decision Notices issued on basis that advice not suitable or compliant – one matter relied by Authority being outside the six year limitation period – sampling and review process – Authority’s change to outcomes of review process – Tribunal findings about the sample majority of advice suitable – findings about other advice and supervision failings – whether Applicants were dishonest – whether one Applicant was reckless – Applications allowed in part
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Published 27 April 2026
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