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FCA issues fines totaling £1m for pension advice and oversight failings

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Photo: Getty Images

Martina Lindberg

2 min read
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Latest episode in long-running scandal means 83% of pension transfer advice failed to comply with minimum required standards.

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

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