Read about our investigations into firms and individuals who provided unsuitable advice to consumers to transfer out of the British Steel Pension Scheme (BSPS), as well as other defined benefit (DB) pension schemes.
Defined Benefit (DB) pensions offer a guaranteed retirement income. People who want to transfer out of such a pension are required to get advice if the pot is worth more than £30k, to make sure that this is in their best interests. They rely on getting high quality advice which enables them to make an informed decision.
The British Steel Pension Scheme (BSPS) was a DB pension scheme. Around 8,000 people transferred out of the BSPS, and our evidence[1] suggests almost half (46%) did so after receiving unsuitable advice.
We have carried out around 30 investigations into firms and individuals regarding DB transfer advice related to BSPS. Investigations are now complete, and we are working to reach final decisions on what sanctions are appropriate where we have found misconduct.
Redress for unsuitable BSPS advice
Alongside our enforcement cases, we have been making sure former BSPS members are able to get redress for unsuitable advice.
More than 6,500 former members have been supported by the Financial Ombudsman Service (FOS), Financial Services Compensation Scheme[2] (FSCS) or through the FCA’s redress scheme. £106m in redress has now been offered to former BSPS members to put them back in the position they would have been at retirement. Further information can be found here[3] on our joint action to help former BSPS members get the retirement they worked for.
We have also taken action where firms have tried to avoid their liabilities and make misleading redress offers to consumers.
Our approach to enforcement
We have taken, and are taking, enforcement action where there is evidence of serious misconduct.
We have seen 2 main types of misconduct in BSPS cases:
- In most cases, firms or individuals have breached the principle that they must conduct their business with “due skill, care and diligence”. This means that advisers have shown a significant lack of competence in their advice.
- In more serious cases, firms or advisers have breached the principle that they must conduct their business “with integrity”. This means that they have been reckless or dishonest in how they have dealt with consumers and/or the FCA.
Actions we can take include:
- public censure
- financial penalties
- banning unsuitable advisers
- supporting wider redress efforts
Each of the investigations is complex and involved analysing significant volumes of evidence, interviews with key witnesses and reviews of customer files. We developed a tool (the DBAAT[4]) to assess the suitability of advice provided by firms and individuals.
Completed enforcement actions
This table lists enforcement action taken to date and will be updated as we continue our work.
There may be redress due to consumers which will fall to the FSCS to pay. We have taken steps to maximise available redress by ensuring, where appropriate, that people we take action against pay money directly to the FSCS. This will ease the demand on the FSCS and ensure that the parties responsible for the wrongdoing pay redress.
| Name | Outcome | Date | Publication |
|---|---|---|---|
| Pembrokeshire Mortgage Centre Limited (in liquidation) | Financial penalty of £2,354,331 | 1 December 2022 | |
Darren Reynolds Active Wealth (UK) Limited (in liquidation) | Financial penalty of £2,212,316 and prohibition Mr Reynolds has referred this matter to the Upper Tribunal | 2 May 2023 | |
Toni Fox CFP Management Limited (in liquidation) | Financial penalty of £567,584 and prohibition | 3 May 2023 | Press release[9] (September 2023) Press release[11] (May 2025) |
David Brian Price CFP Management Limited (in liquidation) | Financial penalty of £465,415 and prohibition | 3 May 2023 | Press release[9] (September 2023) Press release[11] (May 2025) |
| Lighthouse Advisory Services Limited | Public censure | 12 May 2023 | |
Mark Antony Abley County Capital Wealth Management Limited (in liquidation) | Payment of £106,100 to be made to the FSCS Prohibition from providing advice on pension transfers | 22 June 2023 | |
Paul Steel Estate Matters Financial Limited (in liquidation) | Payment of £850,000 to be made to the FSCS and prohibition | 26 June 2023 | |
Denis Lee Morgan Pembrokeshire Mortgage Centre Limited (in liquidation) | Prohibition from performing Senior Management Functions and from providing advice on pension transfers | 26 June 2023 | |
Andrew Allen Mansion Park Limited (in liquidation) | Payment of £85,606 to be made to the FSCS Prohibition from providing advice on pension transfers | 24 August 2023 | |
Keith Dickinson Mansion Park Limited (in liquidation) | Payment of £70,000 to be made to the FSCS Prohibition from providing advice on pension transfers | 7 September 2023 | |
Simon Richard Hughes S&M Hughes Limited (in liquidation) | Payment of £158,600 to be made to the FSCS Prohibition from performing Senior Management Functions and from providing advice on pension transfers | 22 September 2023 | |
Andrew Deeney Active Wealth (UK) Limited (in liquidation) Fortuna Wealth Management Limited (in liquidation) | Financial penalty of £397,400 and prohibition | 28 September 2023 | |
Geoffrey Edward Armin Retirement and Pension Planning Services Limited (dissolved) | Payment of £200,000 to be made to the FSCS Prohibition from performing Senior Management Functions and from providing advice on pension transfers | 3 November 2023 | |
David Nigel Lewis West Wales Financial Services Limited (in liquidation) | Payment of £26,800 to be made to the FSCS Prohibition from performing Senior Management Functions and from providing advice on pension transfers | 24 November 2023 | |
Susan Mary Jones West Wales Financial Services Limited (in liquidation) | Payment of £40,888 to be made to the FSCS Prohibition from providing advice on pension transfers | 24 November 2023 | |
| Inspirational Financial Management Limited (in administration) | Financial penalty of £897,840 | 11 March 2024 | |
William Hofstetter Inspirational Financial Management Limited (in administration) | Payment of £40,000 to be made to the FSCS Prohibition from performing Senior Management Functions and from providing advice on pension transfers | 11 March 2024 | |
Arthur Jonathan Cobill Inspirational Financial Management Limited (in administration) | Payment of £120,000 to be made to the FSCS Prohibition from providing advice on pension transfers | 11 March 2024 | |
Steven Hodgson Vintage Investment Services (no longer authorised) | Payment of £32,700 to be made to the FSCS Prohibition from performing Senior Management Functions and from providing advice on pension transfers | 23 October 2024 | |
Paul Adams Vintage Investment Services (no longer authorised) | Payment of £53,200 to be made to the FSCS Prohibition from performing Senior Management Functions and from providing advice on pension transfers | 23 October 2024 | |
| Philip Pryke | Financial penalty of £1,377,968 and prohibition | 28 November 2024 | Final Notice[40] |
