FCA censures Lighthouse after British Steel 'serious failings'

Quilter-owned firm has paid out £23m in redress

Jenna Brown
clock • 2 min read

The Financial Conduct Authority (FCA) has censured Lighthouse Advisory Services (Lighthouse) for “serious failings” in relation to transfers out of the British Steel Pension Scheme (BSPS).

The regulator said its rebuke came after Lighthouse gave unsuitable advice between 1 April 2015 to 30 April 2019 to people looking to transfer out of the final salary scheme. It said Lighthouse advised 1,567 customers, 262 of whom were members of the BSPS. Quilter Financial Planning (Quilter) bought the advisory business in June 2019 for just over £42m - after the unsuitable advice was given. The FCA said Quilter had taken responsibility for the unsuitable advice and proactively carried out a redress exercise with money paid out totalling more than £23m. The regulator said this was...

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