The FCA has published a decision notice against Alistair Rae Burns, chief executive, TailorMade Independent Ltd (TMI), deciding to fine Mr Burns £233,600, and to prohibit him.

Between January 2010 and January 2013, TMI provided advice to customers who were considering transferring or switching their existing pension funds via self-invested personal pensions (SIPPs) into unregulated investments.

In the FCA’s view, the personal recommendations process used to advise customers was inadequate. Mr Burns failed to ensure that TMI provided suitable advice to its clients and failed to ensure that TMI disclosed its own personal conflicts of interest and the conflicts of interest relating to other individuals at TMI fairly and clearly.

Mr Burns has referred this decision notice to the Upper Tribunal.

This case follows previous enforcement actions against employees of TMI.

Copies of the final notice and press release are available.