Pembrokeshire Mortgage Centre has been handed a £2.4m fine for unsuitable transfer advice relating to a range of defined benefit (DB) schemes including the now-collapsed British Steel Pension Scheme (BSPS).
The Financial Conduct Authority (FCA) has today (2 December) said that the firm in question - which formerly traded as County Financial Consultants - is already in liquidation. Preference to creditors will be given in the case of the fine in order to maximise funds available for redress. In its final notice, the FCA said Pembrokeshire Mortgage Centre previously advised 420 consumers to transfer out of their DB scheme, with 93% agreeing with the advice given. Around two thirds of these clients were members of the old BSPS. The regulator has calculated the firm picked up around £2m in t...
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