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<p><span>The FCA has prohibited five directors of financial advice firms from working in financial services and fined them over £1 million, after they caused significant losses to pension customers.</span></p>
The Financial Conduct Authority has banned five directors of advice firms and fined them over £1m. This is after they caused significant losses to over 2,000 pension customers amounting to over £50m.
The finance watchdog fined five directors of financial advice firms over £1 million ($1.2 million) on Monday and banned them from the sector after providing poor advice that caused over £50 million in losses to more than 2,000 pension savers.
A federal judge in Oklahoma ruled in 2019 that newly discovered evidence provided "solid proof" of Karl Fontenot's probable innocence.