01 · In plain English
What happened.
The FCA (whose decision was upheld by the Upper Tribunal) found that Darren Antony Reynolds gave dishonest pension transfer advice to members of the British Steel Pension Scheme, encouraged unsuitable transfers and investments, hid high exit fees, falsified documents and obstructed the investigation. He was banned from regulated financial services and fined £2,037,892 for breaching Statement of Principle 1 (which requires firms and individuals to act with integrity). The FCA said over £17.6m has been paid in compensation to more than 470 affected customers and that the Tribunal agreed with the FCA’s penalty calculation; no settlement discount was applied.
Summarised from the FCA's notice and press reports. The FCA's own text and documents below are the authoritative record.
02 · Enforcement details
What the FCA published.
On 12 January 2026, the Financial Conduct Authority fined Darren Anthony Reynolds £2,037,892. The Final Notice refers to a breach of Statement of Principle 1. Source: the FCA's published list of 2026 fines.
03 · Press coverage
How it was reported.
- Tribunal upholds ban and fines for corrupt and dishonest adviserFinancial Conduct Authority · 19 Jan 2026
- 2026 fines - Financial Conduct AuthorityFinancial Conduct Authority · 7 Jan 2026
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