FCA starts High Court action over DB transfer advice failings

The pair were directors of Estate Matters Financial (EMF), which is in liquidation. The FCA said as part of the proceedings, an interim injunction has been secured which freezes the assets of Steel and his partner, Foster, up to the value of £7m pending a further hearing.   The FCA alleges that EMF has contravened various requirements under the Financial Services and Markets Act 2000 by providing "unsuitable" DB pension transfer advice, leading consumers to exit final salary pension schemes when it "was not in their best interests to do so". Steel, who was EMF's director and co-owner,...