FSCS declares two British Steel adviser firms in default

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...