The Upper Tribunal has made a further ruling in the cases of 2 financial services directors.
The Upper Tribunal has upheld[1] the FCA's decision to ban Toni Fox and David Brian Price from working in financial services and revoke their senior management approvals. The Tribunal also agreed that they should pay substantial financial penalties.
Between 21 April 2015 and 31 October 2017, the directors of CFP Management Ltd (CFP), Ms Fox and Mr Price, advised on 1,470 pension transfers worth over £392 million. They designed, oversaw and personally operated a flawed advice model designed to lead to a pension transfer. Despite decades of experience, they failed to properly consider clients’ financial situations and risks, leading to unsuitable transfers that breached FCA rules, including for members of the British Steel Pension Scheme.
The FCA originally decided to fine Ms Fox £681,536 and Mr Price £632,594. Following the Tribunal’s guidance in March 2025[2] on how to calculate tax and interest on the money to be returned, Ms Fox and Mr Price provided further details, and the FCA recalculated the fines. The Tribunal has now endorsed the FCA’s calculations and fines of £567,584 for Ms Fox and £465,415 for Mr Price have been imposed.
The Tribunal also agreed with the FCA that the advisory process the pair designed and operated posed a real risk to customers and that both individuals had committed a very serious breach of the FCA’s rules. Further, that Ms Fox and Mr Price lack the integrity necessary to work in the financial services industry.
Therese Chambers, FCA executive director of enforcement and market oversight, said:
'The Tribunal’s ruling confirms that both individuals are unfit for roles in regulated firms. Their reckless actions fell far below the expected standards in financial services.'
Notes to editors
- Upper Tribunal judgment: November 2024[3]
- Upper Tribunal judgment: March 2025[4]
- Upper Tribunal judgment: May 2025[1]
- Decision Notice 2023: Toni Fox[5]
- Final Notice 2025: Toni Fox[6]
- Decision Notice 2023: David Brian Price[7]
- Final Notice 2025: David Brian Price[8]
- Customers who wish to make a complaint to the FSCS can find out more information here[9].
- Press notice September 2023[10]
- Find out more information about the FCA[11].