The Financial Conduct Authority has said it stepped in to prevent a firm that advised on British Steel pension transfers from paying out dividends and disposing of assets without its permission.
In December last year, the FCA warned firms it would take action it deemed necessary against firms that attempt to avoid redress liabilities: "Being unable to compensate consumers and transferring these costs to other market participants via the Financial Services Compensation Scheme levy is unfair and places an unnecessary burden on other firms. "Where we see firms attempt to do this, we will take action to stop it." The watchdog said it was concerned AJH Financial Services does not have sufficient financial resources to pay potential redress to clients and appeared to have paid out ...
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