The FCA has responded robustly to complaints about the time it took to provide redress to victims of the British Steel Pension Scheme (BSPS) scandal.
The Financial Services Compensation scheme has today declared three financial advice firms as failed, including two SIPP-related and one linked to BSPS.
The FCA has cancelled the permission of KBFS Financial Limited (FRN: 831504) to carry out regulated business following restrictions imposed in October over concerns about its failure to pay redress to former members of the British Steel Pension Scheme.
The Financial Services Compensation Scheme (FSCS) has declared BSPS-linked South Wales-based Niche Independent Financial Advisers Ltd (FRN: 472635) as failed.
Birmingham-based BlueSky Wealth Management Ltd (FRN: 446963) has failed, opening the door to claims against the firm through the Financial Services Compensation Scheme (FSCS).
Swansea Financial adviser Simon Hughes has been banned by the FCA and made to pay £158,600 redress for “negligent” pension advice which has led to £8m compensation being paid to his BSPS member clients.
The FCA has banned financial advisers Keith Dickinson and Andrew Allen for British Steel Pension Scheme transfer advice failings and ordered them to pay £155,000 in compensation.
Forty financial advice firms hit by BSPS claims have so far failed with a further seven under investigation, latest FSCS data shows.
Financial adviser Denis Lee Morgan has been banned by the FCA from advising on pension transfers and opt outs following British Steel Pension Scheme advice failings.
The FCA has today forced a further three firms to reverse the effects of misleading British Steel Pension Scheme (BSPS) offers.