The disciplinary actions arising from faulty advice given to former British Steel Pension Scheme (BSPS) members continue, with Inspirational Financial Management Ltd (IFM), now in administration, fined £897,840 ($1,146,082) for advising customers to transfer out of their defined benefit (DB) pension schemes. The FCA found that 83% of all IFM’s
FCA issues fines totaling £1m for pension advice and oversight failings
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Latest episode in long-running scandal means 83% of pension transfer advice failed to comply with minimum required standards.