FCA slaps £2.4m fine on liquidated firm over British Steel failings

Pembrokeshire Mortgage Centre traded as County Financial Consultants

Hope William-Smith
clock • 2 min read

Pembrokeshire Mortgage Centre has been handed a £2.4m fine for unsuitable transfer advice relating to a range of defined benefit (DB) schemes including the now-collapsed British Steel Pension Scheme (BSPS).

The Financial Conduct Authority (FCA) has today (2 December) said that the firm in question - which formerly traded as County Financial Consultants - is already in liquidation. Preference to creditors will be given in the case of the fine in order to maximise funds available for redress. In its final notice, the FCA said Pembrokeshire Mortgage Centre previously advised 420 consumers to transfer out of their DB scheme, with 93% agreeing with the advice given. Around two thirds of these clients were members of the old BSPS. The regulator has calculated the firm picked up around £2m in t...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Two convicted over role in £1.5m fake crypto investment fraud

Two convicted over role in £1.5m fake crypto investment fraud

Retrial set for a third individual

Jen Frost
clock 08 November 2024 • 2 min read
FCA urged to add ethical funds SDR label

FCA urged to add ethical funds SDR label

'We will carry on lobbying to try and change the rules'

Cristian Angeloni
clock 07 October 2024 • 1 min read
FCA's SDR regulation will 'make advisers sit up and listen'

FCA's SDR regulation will 'make advisers sit up and listen'

‘There has to be a fundamental re-educating of the adviser community’

Isabel Baxter
clock 30 November 2023 • 4 min read