Action against two West Midlands advisers for "dishonest" pension transfer advice

The FCA has taken action against two financial advisers in the West Midlands who are accused of providing "dishonest" pension transfer advice. One of the two, facing a ban and a £2.2 million fine, has referred his case to the Upper Tribunal; the other has accepted a ban and fine of £397,400.

By Neasa MacErlean

The two were linked to Active Wealth (UK) Ltd of Willenhall, near Wolverhampton - a company that is no longer authorised but used to carry out pension transfers from the British Steel Pension Scheme and other defined benefit schemes.Payments of nearly £20m had been made to 511 of the company's clients by the Financial Services Compensation Scheme by June this year, a total that would have been more than double without the scheme's cap of £50,000 per head.