FCA fines advice firm nearly £900,000 over British Steel failings

IFM ‘poorly advised’ clients to transfer out of DB pension schemes

Isabel Baxter
clock • 2 min read

The Financial Conduct Authority (FCA) has fined advice firm Inspirational Financial Management (IFM) £897,840 over British Steel advice and oversight failings.

The regulator said that IFM "poorly advised" people to transfer out of defined benefit (DB) pension schemes, including the British Steel Pension Scheme (BSPS). IFM adviser Arthur Cobill and director William Hofstetter have been banned by the FCA from advising customers on pension transfers and pension opt outs. Hofstetter has also been banned from holding any senior management function at any regulated firm. Cobill and Hofstetter agreed to pay £120,000 and £40,000, respectively, to the Financial Services Compensation Scheme to contribute to compensation for the firm's customers. Th...

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