DB transfer specialist returns to trading after 30-month FCA investigation

£300k in legal fees

Ayesha Venkataraman
clock • 2 min read

It has taken Holistic Pension Transfer Specialists (HPTS) 30 months to return to unrestricted trading after six of its case files were deemed “unclear” by the Financial Conduct Authority (FCA) in November 2019, the firm revealed.

The FCA visited Chesterfield-based defined benefit (DB) transfer specialist firm HPTS in November 2019 and immediately asked it to "voluntarily" withdraw from the market after six files dating between 2017 and 2018 were found lacking in factfinding evidence, the firm said. It took until May 2021 for work to recommence at the firm, it said, as a result of administrative delays and the pandemic. On 27 May 2021, the regulator prevented the firm from paying out dividends and disposing of assets without its permission, according to the FCA register. The imposed restriction prevented the firm ...

To continue reading this article...

Join Professional Adviser

  • 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

FCA vows to fight British Steel redress scheme legal challenge

FCA vows to fight British Steel redress scheme legal challenge

Advisory firms in British Steel Action Group take court action against compensation

Jenna Brown
clock 23 January 2023 • 2 min read
Foreseeable harm: The key to Consumer Duty compliance

Foreseeable harm: The key to Consumer Duty compliance

'Looking both ways across the value chain'

Chris Davies
clock 16 January 2023 • 4 min read
FSCS sets management expenses budget of £99.8m for 2023/24

FSCS sets management expenses budget of £99.8m for 2023/24

Latest budget update released for day-to-day running costs

Jenna Brown
clock 12 January 2023 • 2 min read