FCA bans and fines two over pensions transfer advice

Steven Hodgson and Paul Adams, of Vintage Investment Services, poorly advised people to transfer out of the British Steel Pension Scheme (BSPS) and other defined benefit (DB) schemes, according to the FCA. Hodgson was hit with a £32,700 fine and Adams with a £53,200 fine. Both have been banned from holding any senior management function within a regulated firm. Vintage advised 97% of its DB pensions clients to transfer out of their pension between January 2016 and December 2017, the regulator stated. The vast majority (98.8%) of those customers followed the firm's advice, with 165 peo...