Two UK financial advice firms fail
After both companies were investigated by the FSCS earlier this year
British Steel
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FCA carries out 30 investigations over British Steel DB transfer advice
Regulator is making final decisions on ‘what sanctions are appropriate where we have found misconduct’
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IFA banned from providing advice on pension transfers
He has also been forced to pay £106,100
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Three IFA firms forced to withdraw offers to former BSPS members
FCA is ‘seriously concerned’ that they ‘were not calculated’ in line with its guidance
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UK-based IFA firm fails
As lifeboat scheme investigates advice company with links to British Steel Pension Scheme
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Third IFA firm reprimanded over unsolicited offers to ex-BSPS members
As FCA sends ‘Dear CEO’ letter about companies using online portals of third-party actuarial providers to calculate redress
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Lifeboat scheme investigating another British Steel advice firm
Company is currently in liquidation
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FCA warns IFA over DB transfer advice
Advice given to customers, including members of the British Steel Pension Scheme, was ‘not compliant’
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Another British Steel advice firm under investigation
Company dissolved in June 2022
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FSCS investigating two British Steel advice firms
One of the companies was requested by the FCA to stop making ‘misleading’ redress offers to ex-BSPS members
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Legal challenge against British Steel redress scheme dropped
FCA said it was ‘pursued unreasonably with little intention to go to trial’
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UK pension advice company fails
After the firm entered compulsory liquidation in January 2023