FCA bans 'incompetent' adviser over British Steel transfers

Geoffrey Armin to pay £200,000 to FSCS after £4m handed out in redress

Isabel Baxter
clock • 2 min read

Adviser Geoffrey Armin has been banned by the Financial Conduct Authority (FCA) for failings in advice given to British Steel Pension Scheme (BSPS) members.

Armin, who ran small firm Retirement and Pension Planning Services, has been banned from advising customers on pension transfers and pension opt-outs, and from holding any senior management function in a regulated firm. The regulator said Hughes would also pay £200,000 to the Financial Services Compensation Scheme (FSCS) to contribute to redress due to his customers, the majority being members of the BSPS. The figure is dwarfed by the nearly £4m already paid out by the lifeboat fund in compensation to his clients for unsuitable advice. The regulator found that Armin was "seriously ...

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