When the British Steel fiasco was at its most intense last December, Niche IFA, an advice firm based in south Wales, found itself in the eye of the storm and subject to regulatory scrutiny. At the Great Pension Debate II, director and Chartered financial planner Ray Adams told the story of the FCA's visit.
Adams told delegates he contacted the Financial Conduct Authority (FCA) first after receiving a total of 658 calls from steelworkers seeking pension transfer advice. The Chartered financial planner said he was unaware of any bad practice taking place around advising steelworkers at the time, and had actually got in touch with the regulator to warn there seemed to be a capacity issue with demand for advice in south Wales. His warning, combined with his firm's location - Niche IFA is situated two miles from one set of the steelworks, three from another, and 45 minutes from Port Talbot -...
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