FCA prevents another British Steel adviser firm from asset disposal

David Stock & Co

Ayesha Venkataraman
clock • 2 min read

The Financial Conduct Authority (FCA) has stepped in to prevent advisory firm David Stock & Co (DS&C), which advised on British Steel pension transfers, from paying out dividends and disposing of assets without its permission.

Last month, the watchdog released a consultation setting out its plans for a British Steel Pension Scheme (BSPS) redress plan totalling £71.2m. Alongside this consultation, the FCA sent out a Dear CEO letter (first highlighted in December 2021) to advisory firms setting out its expectations that firms who advised BSPS customers should not dispose of, withdraw, transfer, deal with or diminish their assets and any funds they hold except in the ordinary course of business. The FCA warned that before making any payments, firms should consider their solvency, taking account of any redress ...

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 Regulation

2024 general election: Labour hits back with its manifesto release

2024 general election: Labour hits back with its manifesto release

‘Financial services are one of Britain’s greatest success stories’

Professional Adviser
clock 13 June 2024 • 1 min read
Where to next for the FSCS levy after recent developments?

Where to next for the FSCS levy after recent developments?

‘One positive aspect of the recent reduction is the successful recoveries’

John Netting
clock 03 June 2024 • 2 min read
Three key areas of regulatory focus for the advice profession

Three key areas of regulatory focus for the advice profession

'The only constant is change and this is certainly true for regulation'

Alex McGregor and Kris Armstrong
clock 24 May 2024 • 5 min read