The FCA has fined Pembrokeshire Mortgage Centre Limited (PMC) (trading as County Financial Consultants) (in liquidation) £2,354,331 for unsuitable advice to consumers to transfer out of the British Steel Pension Scheme (BSPS) and other defined benefit (DB) pension schemes. The FCA’s view is that most people should keep the guaranteed income provided by a DB pension. PMC advised 420 consumers, nearly two-thirds of whom were BSPS members, on whether to transfer out of their DB scheme. Overall, 93% were advised to transfer. PMC earned over £2 million in transfer and ongoing advice fees.
Many of the people advised were in […]
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