Active Wealth, one of the advice firms that voluntarily suspended its DB transfer permissions during the British Steel Pension Scheme (BSPS) episode, has been on the FCA's radar since 2016, it has emerged.
The Financial Conduct Authority (FCA) first contacted Active Wealth regarding British Steel transfers on 16 November 2017. However, a letter sent from managing director Darren Reynolds to Work & Pensions Select Committee chair Frank Field has revealed the watchdog has been keeping tabs on the firm since August 2016. According to the letter, that was when the FCA requested information that included an outline of the firm's advice and sales procedures and monitoring arrangements in relation to pension transfers and/or switches, including a flowchart of the whole advisory process. FCA to...
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