FCA, Argos, Uber: Business news in brief on Thursday June 9

FCA bans two financial advisers over lack of integrity; Argos to refund card customers £30m; Cognac sales help Rémy Cointreau beat expectations

Remy Cointreau has forecast higher profit after earnings rose at the fastest pace in three years (Getty)

FCA bans two financial advisers over lack of integrity

The Financial Conduct Authority (FCA) has banned two financial advisers who endangered the pensions of hundreds of people. The city watchdog found that Mark Kelly and Patrick Gray, who operated under PCD Wealth & Pensions Management, had invested nearly £24 million of customers’ funds in risky investments and failed to declare fees. The FCA can’t fine either of the men because they were not approved by the watchdog during the time period in question.

Argos to refund card customers £30m

Argos is refunding customers a total of £30 million after it overcharged them on store cards. Home Retail Group, which owns Argos, announced the news in a trading update on Thursday. Affected customers will be written to in the next few weeks, and are expected to receive up to £100 each in compensation.

Cognac sales help Rémy Cointreau beat expectations

Remy Cointreau, the French drinks group, has forecast higher profit after earnings rose at the fastest pace in three years as a slump in cognac ended. Turnover climbed to €1.05 billion (£820 million) in the year to March 31 for the firm behind Mount Gay rum. It was helped by demand in Europe, the US, Africa, South-East Asia and Japan.

French court fines Uber

A French court has fined Uber €800,000 (£625,000) for running an illegal transport service with non-professional drivers and fined two of its executives in the first such criminal case in Europe. The Uber POP service connected clients via a smartphone app with non-professional drivers using their own cars.

Uber France suspended the service last year after the government banned it under pressure from licensed taxi drivers.