'Model behaviour' sees Quilter avoid penalty for Lighthouse/British Steel

Comes after Lighthouse Advisory Services was censured last month

Hope William-Smith
clock • 2 min read

The “proactive redress exercise” put in place by Quilter to handle responsibility for the unsuitable advice given by Lighthouse Advisory Services in relation to the British Steel Pension Scheme (BSPS) has been praised today (1 June) by the Financial Conduct Authority (FCA).

In a speech at the City & Financial FCA Investigations and Enforcement Summit, joint executive director of enforcement and market oversight Therese Chambers said it was "highly unusual" for the watchdog to have not imposed any financial penalty after its investigation. "Quilter took responsibility for the unsuitable advice given - advice that had been given before it had acquired Lighthouse," she stated. "Quilter also took responsibility for improving the inadequate control framework that they found."  Chambers continued: "Quilter deserves full credit for taking responsibility and for...

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