Adviser who racked up £2m in British Steel DB transfer fees banned

Carried out hundreds of transfers from BSPS in four months in 2017

Jenna Brown
clock • 1 min read

Denis Lee Morgan, an adviser who netted more than £2m in fees for poor advice on hundreds of British Steel Pension Scheme (BSPS) transfers, has been banned by the regulator.

The Financial Conduct Authority (FCA) banned Morgan of Pembrokeshire Mortgage Centre (PMC) from advising on pension transfers and opt ops and from holding any senior management function in a regulated firm. The ban came as a result of Morgan's work on BSPS transfers between June 2015 and December 2017. The regulator said he had demonstrated a "lack of competence in his oversight" of PMC's pension transfer advice process during the period. It explained this had badly affected clients between August and November 2017 when PMC - which is now in liquidation - advised an average of 65 peop...

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