FCA provisionally fines pension transfer and British Steel adviser £1.3m

The financial watchdog said it considered Armin "seriously incompetent" when advising on DB pension transfers. Armin has referred the decision to the Upper Tribunal, meaning these bans and the fine from the FCA is provisional until the tribunal makes its decision on the case, determining whether the regulator's decisions are appropriate. The total value of transfers Armin advised on stood at £125m, some £74m of which related to the British Steel Pension Scheme (BSPS). The average transfer value for customers he advised was around £298,000.  Between June 2015 and December 2017, Derbysh...