FCA bans incompetent IFA Simon Hughes over British Steel advice

Hughes to pay FSCS £158,000 but lifeboat fund paid out £8.4m to clients

Jenna Brown
clock • 2 min read

Adviser Simon Hughes has been banned by the Financial Conduct Authority (FCA) for "grossly negligent" advice given to British Steel Pension Scheme (BSPS) members.

Hughes, of S&M Hughes, has been banned from advising customers on pension transfers and pension opt-outs, and from holding any senior management function in a regulated firm. The regulator said Hughes would also pay £158,000 to the Financial Services Compensation Scheme (FSCS) to contribute to redress due to his customers, the majority being members of the BSPS. The figure is dwarfed by the £8.4m already paid out by the lifeboat fund in compensation to his clients for unsuitable advice. The FCA said Hughes was solely responsible for the pension transfer advice provided by the firm ...

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

Law, not likes: Cracking down on social media financial promotions

Law, not likes: Cracking down on social media financial promotions

‘Every individual social post or communication must comply with the rules’

Sarah Wylie and Owen McLennan
clock 28 October 2024 • 4 min read
How Labour can support investment management vibrancy

How Labour can support investment management vibrancy

The formation of a new government – now just over 100 days’ old – has brightened the spotlight on UK financial services regulation, writes IIMI CEO Dani Hristova

Dani Hristova
clock 28 October 2024 • 4 min read
Number of non-financial misconduct reports in the City spikes in three years

Number of non-financial misconduct reports in the City spikes in three years

FCA reveals survey results

Cristian Angeloni
clock 25 October 2024 • 4 min read