Educational, not advice. This article explains two Upper Tribunal decisions and the published routes for complaining about pension transfer advice. It is general information, not personal financial advice. Savvy Investor Guide is not authorised or regulated by the Financial Conduct Authority. Nothing here tells you whether your own advice was suitable or whether you have a claim; only a complaint to the firm, the Financial Ombudsman or the Financial Services Compensation Scheme can decide that.
What this article covers: what the Upper Tribunal decided about Richard Fenech and Heather Dunne in April and July 2026, why their fines fell so far, and what anyone who moved out of a defined benefit (final salary) pension can do if they think the advice was wrong. Every figure comes from the decisions, the FCA’s Final Notices, or the FCA, Financial Ombudsman and FSCS websites.
What it does not cover: the individual clients’ cases, which the decisions do not name, and pension schemes outside the UK.
In short
- The Upper Tribunal upheld lifetime bans on two advisers over defined benefit pension transfer advice given between 2015 and 2017. It found both had been dishonest with the FCA.
- The FCA had treated all of Heather Dunne’s advice as breaching the rules. The Tribunal found unsuitable advice for at least 18% of her clients, so it cut her fine from £399,817 to £41,230, and Richard Fenech’s from £270,646 to £16,046.
- The FCA says Ms Dunne advised about 92% of her clients to transfer, moving more than £126m out of defined benefit schemes.
- Anyone who transferred out of a defined benefit pension after April 2015 on a firm’s advice can use the FCA’s free advice checker. Complaints go to the firm first, then the Financial Ombudsman, or to the FSCS if the firm has failed.
Who Fenech and Dunne are
Heather Dunne was a pension transfer specialist who traded as Heather Dunne Independent Financial Adviser (HDIFA). HDIFA was an appointed representative of Financial Solutions Midhurst Ltd (FSML), a firm owned and run by Richard Fenech. An appointed representative works under another firm’s authorisation, and that firm has to supervise it.
The case covers 29 April 2015 to 22 June 2017 for Ms Dunne and 3 January 2015 to 22 June 2017 for Mr Fenech. In its press release the FCA says Ms Dunne “advised about 92% of her clients to move out of defined benefit pension schemes between April 2015 and June 2017. This led to more than £126m being transferred, including when it was not in clients’ best interests.” Those are the FCA’s figures; the Tribunal did not set a total.
The FCA issued Decision Notices in January 2024 banning both and fining Ms Dunne £399,817 and Mr Fenech £270,646. Both referred their cases to the Upper Tribunal, which hears challenges to FCA decisions.
What the Upper Tribunal found
The Tribunal decided the case in two parts. The first decision, on 27 April 2026, dealt with what had happened. The second, on 27 July 2026, dealt with the bans and the fines.
The advice. The FCA’s case depended on a review of a sample of Ms Dunne’s files. The Tribunal went through the 16 sampled cases itself and found that she “had given suitable advice to ten of the clients (62% of the Sample)” and unsuitable advice in six. In the six unsuitable cases, clients gave up a secure defined benefit pension for a riskier defined contribution one when they could not afford the risk, or when what they gave up was worth more than what they got. From the sample, the Tribunal “found as a fact that at least 18% of Ms Dunne’s clients had received unsuitable advice, but we have not gone further.”
The dishonesty. Both advisers gave the FCA a backdated appointed representative agreement. The Tribunal found this dishonest. For Mr Fenech it was “an isolated incident at a time of great stress, and was out of character”. The FCA adds that Ms Dunne “falsely claimed she had given advice to some pension schemes before she had done so”. Mr Fenech also failed to supervise her work properly.
The bans. The Tribunal upheld both prohibition orders. The FCA’s Final Notices, dated 17 September 2026, ban each of them from “performing any function in relation to any regulated activity”.
Why the fines fell by about 90%
As the FCA’s press release puts it, “The FCA had based both fines on the finding that all of Ms Dunne’s advice breached regulatory requirements.” Once the Tribunal found unsuitable advice in at least 18% of cases rather than all of them, the fines had to fall with it.
| FCA fine (2024) | Tribunal fine (2026) | |
|---|---|---|
| Heather Dunne | £399,817 | £41,230 |
| Richard Fenech | £270,646 | £16,046 |
Three other things pushed the fines down. Part of each fine claws back the income the adviser made from the misconduct, and that part shrank with the 18% finding. The Tribunal ruled it was “not in the interests of justice to apply interest” on top. And for Mr Fenech, only the income he earned from Ms Dunne’s work counted. Before the ruling the FCA had already lowered its own figures, to £277,087 for Ms Dunne and £106,724 for Mr Fenech. The Tribunal said those were “still significantly too high”.
The fines are paid to the FCA. Neither decision orders compensation for clients.
Checking your own defined benefit pension transfer advice
A defined benefit (final salary) pension pays a guaranteed income for life, usually rising each year. Transferring out swaps that guarantee for a pot you invest yourself. The FCA says: “We believe most people would be best advised not to transfer their DB pension.” If the pension is worth more than £30,000, “you must, by law, get advice from a regulated financial adviser” before transferring.
The FCA’s advice checker. The FCA has a free online advice checker for defined benefit pension transfers. It is for anyone who transferred out of a defined benefit scheme after April 2015 on the advice of an FCA-authorised firm. The FCA says: “If you received unsuitable transfer advice, you could be owed money. To receive this you’ll need to complain.” It adds that a complaint is less likely to succeed if you would have transferred whatever the adviser told you about the risks.
How to complain. A pension transfer complaint follows the same three steps as any other financial complaint:
- The firm. The complaint goes first to the firm that gave the advice, which normally has 8 weeks to send a final response.
- The Financial Ombudsman. If the answer is unsatisfactory, or nothing arrives within 8 weeks, the complaint can go to the Financial Ombudsman Service. The FCA says to do this within 6 months of the firm’s final response.
- The FSCS, if the firm has failed. If the firm is no longer in business, the claim goes to the Financial Services Compensation Scheme instead.
All three are free. The FCA points out that with a claims management company or a solicitor, “you will have to share any compensation you get with them.”
How compensation is worked out, and the award limits
Firms follow an FCA method that aims to put clients back where they would have been “if they had remained in their DB scheme”. It compares the pension given up with the pot held now.
There are caps on what the Ombudsman and the FSCS can award. The Ombudsman’s cap depends on when the advice was given, and advice from 2015 to 2017 falls under the lower one.
| Route | Maximum award |
|---|---|
| Financial Ombudsman, advice given before 1 April 2019 | £205,000 |
| Financial Ombudsman, advice given on or after 1 April 2019 | £455,000 |
| FSCS, bad pension advice from a failed firm | £85,000 per person, per firm |
Since 1 October 2026 the Ombudsman has also been able to dismiss a complaint where the compensation sought “would significantly exceed the award limit”. Our guide to the Financial Ombudsman changes on 1 October 2026 explains the new grounds.
Time limits for a pension transfer complaint
Under the FCA’s complaint rules, the Ombudsman normally cannot look at a complaint made more than “six years after the event complained of; or (if later) three years from the date on which the complainant became aware (or ought reasonably to have become aware) that he had cause for complaint”.
For advice given in 2015 to 2017, the six years have run out. That leaves the three-year rule, which runs from when you became aware, or ought reasonably to have become aware, that something was wrong. Each case turns on its own facts, and the firm or the Ombudsman decides whether a complaint is in time. There are exceptions. The Ombudsman can still look at a late complaint if the firm consents, or if exceptional circumstances caused the delay.
How this compares with the British Steel redress scheme
The best-known defined benefit transfer scandal involved the British Steel Pension Scheme. There the FCA set up a dedicated redress scheme, and by July 2024 it said “£106m in redress has now been offered to 1,870 former British Steel Pension Scheme (BSPS) members”. No similar scheme covers other transfers, including those in this case, so those clients rely on the ordinary complaint route set out above.
For what happens to money owed to you when a regulated firm collapses, see our guide to what happens when your lender goes bust. For how the Ombudsman decides complaints, see our guide to the “fair and reasonable” test.
Frequently asked questions
Were Fenech and Dunne’s clients compensated?
Neither Tribunal decision orders compensation, and the fines go to the FCA. For a client who thinks the advice was unsuitable, the route is a complaint to the firm, then the Financial Ombudsman or, if the firm has failed, the FSCS.
Does a smaller fine mean the advisers were cleared?
No. Both lifetime bans were upheld, and both advisers were found to have been dishonest with the FCA. The fines fell because the FCA had set them on the basis that all of Ms Dunne’s advice breached the rules, while the Tribunal found unsuitable advice in at least 18% of her cases.
How do I check whether an adviser is banned?
The person or firm can be looked up on the FCA’s Financial Services Register. It shows whether a firm is authorised and what it may do, including advising on pension transfers, and the FCA keeps prohibition orders on the Register while they are in force.
Do I need a claims company to complain?
No. Complaining to the firm, the Financial Ombudsman and the FSCS is free. If you use a claims management company or a solicitor, they take a share of any compensation.
What does advice on a pension transfer cost now?
The FCA says: “In most cases, you will need to pay the same amount for full advice, whether or not you go ahead with a transfer.” An adviser paid only when a transfer goes ahead has a reason to favour one. Charging the same either way removes it.
Sources
- Upper Tribunal, Fenech and Dunne v FCA, [2026] UKUT 00162 (TCC), 27 April 2026
- Upper Tribunal, Fenech and Dunne v FCA, [2026] UKUT 00281 (TCC), 27 July 2026
- FCA, “Tribunal upholds FCA ban on pair involved in pension transfer advice and reduces fines”, 4 August 2026, updated 18 September 2026
- FCA, Final Notice: Heather Imogen Dunne, 17 September 2026
- FCA, Final Notice: Richard Brian Fenech, 17 September 2026
- FCA, “Advice checker: defined benefit pension transfers”
- FCA, “Pension transfer advice: what to expect”
- FCA, PS22/13, “Calculating redress for non-compliant pension transfer advice”
- FCA, “Over £100m in redress offered to former British Steel pension scheme members”, 24 July 2024
- Financial Ombudsman Service, “Understanding compensation for financial loss”
- FCA Handbook, DISP 2.8, “Was the complaint referred to the Financial Ombudsman Service in time?”
- FSCS, “Pensions”
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