FCA fines advice firm £898K and bans pair over British Steel pension transfers
Firm operated a contingent charging model
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Firm operated a contingent charging model
The firm is in liquidation
Resulting in £9,769,550 of pension funds being transferred to riskier defined contribution schemes.
With the FSCS paying over £19m to former customers
With the FSCS receiving claims relating to the British Steel Pension Scheme
They have referred the FCA decision notices to the Upper Tribunal
As FCA updates guidance on how to support vulnerable clients when providing pension transfer advice
As 95% of cases reviewed in June raised at least one scam warning flag
‘We must fight against what has become an accepted notion in the industry’
With the FSCS receiving claims related to pension advice transfers for both
He has been told to pay £850,000 to the FSCS to compensate customers
93% of cases raised at least one scam warning flag in May