Nigel Lewis and Susan Jones have been banned by the Financial Conduct Authority (FCA) for incompetent British Steel Pension Scheme (BSPS) advice.
Lewis and Jones who worked for West Wales Financial Services (WWFS), now in liquidation, are now banned from advising customers on pension transfers and pension opt outs. Lewis has also been banned from holding any senior management functions in a regulated firm. The duo was ordered to pay £26,800 and £40,888, respectively, to the Financial Services Compensation Scheme to contribute towards the compensation owed to WWFS customers. The regulator found that between March and December 2017, WWFS provided unsuitable pension transfer advice based on the incorrect assumption that it would b...
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