UK Upper Tribunal Upheld Financial Conduct Authority (FCA) Decision on Active Wealth Advisor Darren Antony Reynolds with $2.7 Million (£2 Million) Fine & Ban for Dishonesty in Giving Pension Transfer Advice & Investment Recommendations to Clients Resulting in Serious Financial Loss, $23.6 Million (£17.6 Million) Compensation Paid to 470+ Customers
20th January | Hong Kong
UK Upper Tribunal has upheld UK Financial Conduct Authority (FCA) decision on Active Wealth advisor Darren Antony Reynolds with $2.7 million (£2 million) fine & ban for dishonesty in giving pension transfer advice & investment recommendations to clients resulting in serious financial loss, and with $23.6 million (£17.6 million) compensation paid to 470+ customers. UK FCA (19/1/26): “The FCA’s decision to ban Darren Antony Reynolds from working in financial services and fine him £2,037,892 has been upheld by the Upper Tribunal. The FCA’s decision to ban Darren Antony Reynolds from working in financial services and fine him £2,037,892 has been upheld by the Upper Tribunal. Mr Reynolds was dishonest when he gave pension transfer advice and investment recommendations to his customers, causing them significant harm. Mr Reynolds showed a clear disregard for his customers’ interests. He encouraged British Steel Pension Scheme members to transfer out of their defined benefit pension scheme, despite knowing that the advice was wholly unsuitable. He also advised his customers to invest in high-risk and unsuitable products while at the same time hiding high exit fees and falsifying documents. Mr Reynolds’ misconduct exposed hundreds of people to serious financial loss. Over £17.6m has been paid in compensation to more than 470 affected customers, many of whom suffered losses in excess of statutory compensation limits. In addition, Mr Reynolds let 2 unapproved people give pension advice, putting customers at risk. When confronted with his misconduct he lied to regulators, allowed important evidence to be destroyed, and moved his family home into a trust to avoid paying his debts.”
“ UK Upper Tribunal Upheld Financial Conduct Authority (FCA) Decision on Active Wealth Advisor Darren Antony Reynolds with $2.7 Million (£2 Million) Fine & Ban for Dishonesty in Giving Pension Transfer Advice & Investment Recommendations to Clients Resulting in Serious Financial Loss, $23.6 Million (£17.6 Million) Compensation Paid to 470+ Customers “
![](https://www.caproasia.com/wp-content/uploads/2025/08/Air-Charter-Service-728x90-1.png")
Notes:
- Upper Tribunal judgement (PDF)Link is external
- Final Notice 2026: Darren Antony Reynolds (PDF).
- Decision Notice 2023: Darren Antony Reynolds (PDF)
- In addition to the FCA’s enforcement action, Mr Reynolds was disqualified in May 2021 from acting as a company director for 13 years following an investigation by the Insolvency Service.
- A Defined Benefit (DB) pension is a valuable investment with advantages that cannot be replicated by other investments. Strong reasons are required for it to be suitable for a person to exit a DB pension scheme in favour of another investment.
- The Tribunal agreed with the FCA’s calculation of the financial penalty which reflects the seriousness of the misconduct and includes an uplift for the aggravating factors. No settlement discount was applied.
- British Steel Pension Scheme – our approach to enforcement.
- Information for customers wishing to make a complaint to the FSCSLink is external
. - Find out more information about the FCA.
UK Upper Tribunal Upheld Financial Conduct Authority (FCA) Decision on Active Wealth Advisor Darren Antony Reynolds with $2.7 Million (£2 Million) Fine & Ban for Dishonesty in Giving Pension Transfer Advice & Investment Recommendations to Clients Resulting in Serious Financial Loss, $23.6 Million (£17.6 Million) Compensation Paid to 470+ Customers
Caproasia Users
- Manage $20 million to $30 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2026 Investment Day
- March - Hong Kong
- March - Singapore
- April - Hong Kong
- April - Singapore
- July - Hong Kong
- July - Singapore
- Sept- Hong Kong
- Sept - Singapore
- Oct- Hong Kong
- Nov - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
