In our most-read story this week, the regulator confirmed adviser Simon Hughes would pay £158,000 into the Financial Services Compensation Scheme to compensate for “grossly negligent” advice he gave to British Steel Pension Scheme members.
The figure pales in comparison to the £8.4m the lifeboat fund has already distributed purely for Hughes' unsuitable advice. A total 232 of Hughes' 287 customers were advised to transfer out of defined benefit arrangements between 2015 and 2017 at his firm where he had sole responsibility for transfers. Cases like this, again, shed an unfairly poor light on one-man-band firms - something the watchdog already has its eyes on. Elsewhere, new statistics this week show tax incentives in the UK for personal savings and investments are predicted to hit £35bn in 2023 on the back of the governmen...
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