Regulator bans and fines 'reckless' financial adviser

News Team, 15/10/2021

The Financial Conduct Authority (FCA) has banned a former financial adviser who provided “reckless and unsuitable” pensions advice.

Omar Hussein, formerly a director at Consumer Wealth Ltd (CWL), has been banned from working in financial services and fined £116,000.

The FCA found that Mr Hussein advised customers to switch their existing pensions when this was often unnecessary and not in their best interest.

Between 2015 and 2017, Mr Hussein and his firm advised 6...

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