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Tuesday, 15 February 2022 07:55
FCA stops British Steel adviser asset sale
The Financial Conduct Authority (FCA) has stopped AJH Financial Services Limited (AJH) from disposing of assets without FCA permission.
AJH is an advice firm which advised on transfer from the British Steel Pension Scheme (BSPS).
The regulator said it has concerns about the financial status of the firm.
The FCA expects to consult on a redress scheme for former BSPS members next month.
In December the regulator wrote to firms who advised on BSPS transfers, making it clear that they should not dispose of any assets and should maintain adequate financial resources.
The FCA said: “We are concerned that AJH does not have sufficient financial resources to pay potential redress claims and appears to have paid out dividends rather than retaining the assets.
“We will act to prevent firms from disposing of assets which may be required to pay redress. We will look to impose requirements where firms have not acted in accordance with the expectations in our Dear CEO letter or have attempted to phoenix or put in place structures to avoid potential redress liabilities.”
AJH has the right to refer the FCA’s decision for review by the Upper Tribunal (Tax and Chancery Chamber).
The FCA added that it will continue to monitor firms who have advised on BSPS transfers and “take action where necessary.”
In 2017, many British Steel workers were advised to transfer out of their defined benefit pension into a defined contribution pension, typically a Personal Pension Plan or a Self-Invested Personal Pension (SIPP).
It was one of three choices available to British Steel Pensions Scheme (BSPS) members. The others were the new scheme (BSPS2) and Pension Protection Fund (PPF).
The British Steel Pension Scheme was restructured in 2018.
When British Steel decided to encourage workers to consider moving their pension a number of advice firms moved in but poor advice was widespread and the scandal attracted national media attention with a number of Financial Planners helping victims on a pro bono basis and leading MPs getting involved.
Several advice firms have been declared in default by the Financial Services Compensation Scheme as a result of arranging pension transfer for members of the BSPS. In December and January this included Channel One Financial Planning and Argent Wealth.
Argent Wealth also traded as Orchard Financial Planners and Morley James Asset Management.
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