Active Wealth, one of the advice firms that voluntarily suspended its DB transfer permissions during the British Steel Pension Scheme (BSPS) episode, has been on the FCA's radar since 2016, it has emerged.
The Financial Conduct Authority (FCA) first contacted Active Wealth regarding British Steel transfers on 16 November 2017. However, a letter sent from managing director Darren Reynolds to Work & Pensions Select Committee chair Frank Field has revealed the watchdog has been keeping tabs on the firm since August 2016. According to the letter, that was when the FCA requested information that included an outline of the firm's advice and sales procedures and monitoring arrangements in relation to pension transfers and/or switches, including a flowchart of the whole advisory process. FCA to...
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