FSCS declares two British Steel adviser firms in default

Nine adviser firms in total

Sophie King
clock • 3 min read

The Financial Services Compensation Scheme (FSCS) has declared nine financial advice firms in default in March, two of which advised on British Steel transfers.

Between 1 and 31 March, the lifeboat fund declared a total of 11 firms in default, nine of which were financial advice firms. One of the failed advice firms, Bartholomew Hawkins, trading as Turris Porta Wealth Management, was ordered to cease advising on defined benefit (DB) transfers by the Financial Conduct Authority (FCA) in 2018.  Following the attention the BSPS scheme has brought to DB transfers, the FCA said it had undertaken "significant information gathering" in order to identify firms that have been most active in advising consumers to transfer out of British Steel Pension S...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Identifying financial coercion is part of Consumer Duty – PIMFA

Identifying financial coercion is part of Consumer Duty – PIMFA

‘If you’ve got concerns, you need to take some action’

Sophia Panayi
clock 21 May 2026 • 2 min read
Financial capability: Why advisers are central to the solution – and the opportunity

Financial capability: Why advisers are central to the solution – and the opportunity

Education is the most scalable growth strategy advisers have

Dan Russell
clock 21 May 2026 • 4 min read
Why FCA scrutiny of consolidator integration is growing

Why FCA scrutiny of consolidator integration is growing

A shift from acquisition strategy to integration capability

Isabel Baxter
clock 20 May 2026 • 6 min read