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 ...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Companies

IFA enters liquidation after investment advice complaints

IFA enters liquidation after investment advice complaints

Chandler King gave ‘unsuitable investment advice’

Sophia Panayi
clock 26 October 2026 • 2 min read
Plum approved for targeted support as it eyes advice market

Plum approved for targeted support as it eyes advice market

Targeted support proposition to be delivered through AI

Sophia Panayi
clock 26 October 2026 • 2 min read
Finli swoops for five advice firms in Q3

Finli swoops for five advice firms in Q3

Has now completed 18 acquisitions in 2026

Isabel Baxter
clock 26 October 2026 • 1 min read