The Financial Conduct Authority (FCA) has restricted advice firm KBFS Financial after it failed to pay redress to former members of the British Steel Pension Scheme (BSPS).
The regulator imposed several restrictions on the Weymouth-based firm on 23 October which prevented it from carrying on any regulated activities and restricted access to its assets. This means the firm can no longer hold or control client money. The FCA initially contacted the firm in May this year requesting information regarding its preparations for the BSPS redress scheme, however KBFS Financial did not respond. The watchdog said the advice firm then failed to pay redress awarded by the Financial Ombudsman Service (FOS) in relation to unsuitable pension transfer advice given to fiv...
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