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. 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 FCA alleges that EMF has contravened various requirements under the Financial Services ...
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