Two financial advice firms - one in Cardiff and one in Bristol - have been declared in default by the Financial Services Compensation Scheme with a combination of over 100 claims related to pension transfer advice.

The Financial Conduct Authority has banned Birmingham-based adviser Paul Steel of Estate Matters Financial Ltd (EMF) from working in financial services. 

When the financial historians come to write a chapter about the British Steel Pension Scheme debacle the word “shameful” is likely to be used.

Financial adviser Denis Lee Morgan has been banned by the FCA from advising on pension transfers and opt outs following British Steel Pension Scheme advice failings.