The FCA has fined Huddersfield-based Inspirational Financial Management Ltd (FRN 223511) £897,840 after it poorly advised people to transfer out of DB pension schemes, including the British Steel Pension Scheme (BSPS).

BSPS-linked advice firm DC Financial Limited (FRN: 170299) has been declared as failed by the Financial Services Compensation Scheme.

The Financial Conduct Authority has banned Darren Reynolds and Andrew Deeney of Active Wealth Limited for dishonest pension transfer advice.

A legal challenge against the Financial Conduct Authority’s decision to set up a redress scheme for former British Steel Pension Scheme (BSPS) members has been scrapped.