FCA slaps £2.4m fine on liquidated firm over British Steel failings

Pembrokeshire Mortgage Centre traded as County Financial Consultants

Hope William-Smith
clock • 2 min read

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...

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.



Already a Professional Adviser member?


More on Regulation

Firms urged to engage with 'huge opportunity' PRIIPs consultation

Firms urged to engage with 'huge opportunity' PRIIPs consultation

A closer look at industry views on the FCA and Treasury papers

Kathleen Gallagher
clock 16 December 2022 • 4 min read
HM Treasury, Westminster

FCA launches discussion paper around PRIIPs replacement ideas

Comes after the Treasury removed the regulation last week

Kathleen Gallagher
clock 13 December 2022 • 2 min read
Autumn Statement 22: Solvency II reform package outlined

Autumn Statement 22: Solvency II reform package outlined

Reforms cut risk margin and overhaul certain eligibility rules

Jonathan Stapleton
clock 17 November 2022 • 3 min read