Fines hit £6m for advice to transfer out of British Steel Pension Scheme

By Neasa MacErlean

The total of FCA fineshanded out in relation to advice on transfers out of the British Steel Pension Scheme now aggregates above £6 million, as two advisers at a Birmingham-based firm were fined and banned from giving advice on pension transfers and opt-outs. One of the two received a fine that was £333,000 less than originally intended after he pleaded hardship and negotiated with the regulator about using the fine to help the people he had advised.