• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      event logo
      International Investment Nordic Forum 2021

      International Investment is delighted to announce the 2021 International Investment Nordic Forum which will take place on Tuesday March 9, at 9am (GMT). This curated virtual event will be broadcast live and will feature a series of fund manager interviews and presentations, as well as interviews with some of the Nordic regions top fund selectors.

      • Date: 09 Mar 2021
      • ONLINE, ONLINE
      event logo
      Sustainable Investment Festival 2021

      The Sustainable Investment Festival will run online from 22-25 June and will include thought-provoking presentations from renowned keynote speakers, innovative breakout events and sessions specifically tailored to meet the information needs of fund selectors, financial advisers, pension consultants, trustees and scheme managers.

      • Date: 22 Jun 2021
      • Online, Online
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Regulation

FCA begins High Court action over DB transfer advice failings

FCA begins High Court action over DB transfer advice failings
  • Christopher Copper-Ind
  • @intlinvestment
  • 10 February 2021
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

Britain's regulator, the Financial Conduct Authority (FCA), said yesterday it has begun High Court proceedings against former advisers Paul Steel and Jacqueline Foster.

Both Steel and Foster were directors of failed advice firm Estate Matters Financial (EMF) over alleged unsuitable defined benefit (DB) transfers.

Related articles

  • FCA begins legal action against unauthorised adviser
  • FCA secures interim restitution order against illegal deposit takers
  • UK regulator warns advisers over pension transfer due diligence failings
  • UK regulator finalises pension transfer redress rules

EMF is now in liquidation. The FCA said yesterday that, as part of the proceedings, an interim injunction has been secured which freezes the assets of Steel and Foster, up to £7m.

The regulator said the company had lead clients to exit final salary pension schemes "when it was not in their best interests to do so."

The FCA alleges that EMF has contravened various requirements under the Financial Services and Markets Act 2000 by providing "unsuitable" DB pension transfer advice. The regulator said the company had lead clients to exit final salary pension schemes "when it was not in their best interests to do so."

FCA said Steel was "knowingly concerned" in those contraventions. 

It will also be alleged that Steel breached FCA requirements by undertaking a course of conduct which resulted in the removal of EMF's assets, leaving it unable to meet potential liabilities for unsuitable advice, while enabling Steel to retain the significant profits that accrued from the provision of that advice, and from ongoing fees.

An injunction was obtained against Ms Foster on the basis that she may be holding or controlling assets owned by Steel.

The FCA is asking the Court to make a restitution order requiring Steel to compensate consumers who have suffered losses as a result of receiving unsuitable pension transfer advice. No trial date has been set.

Subscribe to International Investment's free daily newsletter

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Regulation
  • Steel
  • FCA
  • Financial Conduct Authority (FCA)
  • UK

More on Regulation

Woodford founders voiced concerns to FCA in 2015: reports

  • Regulation
  • 01 March 2021
FCA hands £3.4m back to unauthorised investment scheme victims

  • Regulation
  • 24 February 2021
EU removes Barbados from blacklist of 'non-cooperative' jurisdictions

  • Regulation
  • 23 February 2021
Jersey regulator fines three firms for breaching money laundering rules

  • Regulation
  • 17 February 2021
FCA partners with Jersey regulator to probe new Woodford venture

  • Regulation
  • 17 February 2021
Back to Top

Most read

HSBC appoints CEO for the Middle East region
HSBC appoints CEO for the Middle East region
People moves: Phoenix Group, Franklin Templeton, TMF Group, AJ Bell, Arete, Just Group
People moves: Phoenix Group, Franklin Templeton, TMF Group, AJ Bell, Arete, Just Group
Nordic Fund Selector of the Year 2021 shortlist announced
Nordic Fund Selector of the Year 2021 shortlist announced
UK Budget: Sunak freezes lifetime allowance for pensions contributions
UK Budget: Sunak freezes lifetime allowance for pensions contributions
Europe's wealth mangers increasingly focusing on Bitcoin: survey
Europe's wealth mangers increasingly focusing on Bitcoin: survey
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading