Financial Conduct Authority has banned Frank Breuer from working in UK financial services following findings that he provided pension transfer advice without appropriate professional indemnity insurance.
Breuer, the joint owner and sole director of Bluesky Wealth Management — which entered insolvency in 2023 — was also fined £755,000 for regulatory breaches dating back to April 2019.
According to the FCA, the lack of suitable insurance exposed customers to increased risk by potentially limiting access to compensation if problems arose from the advice provided.
The regulator said Breuer continued to offer investment and pension advice despite not having the required level of professional cover in place, breaching key financial services rules designed to protect consumers.
The case highlights the FCA’s continued focus on pension transfer advice, an area that has faced heightened scrutiny in recent years due to concerns around unsuitable recommendations and consumer losses.
