Middlesbrough-based Acklam Financial has become the tenth advice firm to stop undertaking pension transfers as a result of the British Steel Pension Scheme (BSPS) saga.
A letter from Financial Conduct Authority (FCA) director of supervision Megan Butler to Work and Pensions Committee chair Frank Field, dated 12 March, revealed Acklam Financial had voluntarily altered its permissions with the regulator. The firm said it had decided to change its business and vary its permissions and as such, would no longer provide pension transfer advice. Acklam Financial joins nine other firms in suspending permissions after concerns relating to advice given to British steelworkers. The firms include: County Capital Wealth Management Vintage Investment Ser...
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