Related topic: Pension transfer

Reynolds advised his customers to invest in high-risk and unsuitable products while at the same time hiding high exit fees and forging documents. 

The Tribunal agreed the pair should pay "substantial financial penalties".

The firm warns that an increase in transfers will "lead to an increase in poorly informed pension transfer decisions".

The pair have received total fines of almost £86,000.

More than 23,000 of the 28,118 amber flags raised were due to either an unknown reason or for a potentially low risk transfer.