Were you advised by Birmingham based Estate Matters Financial Limited (“EMF”) to transfer your defined benefit pension scheme?
It has been reported that the Financial Conduct Authority (“FCA”), the financial industry’s regulator which strives to protect consumers, has issued High Court proceedings against Paul Steel and his partner. Mr Steel was the co-owner and Director of the now liquidated EMF which is reported to have breached numerous legislative requirements under the Financial Services and Markets Act 2000.
In essence, the FCA is asking the Court to direct Mr Steel to compensate EMF’s former clients who received negligent advice to transfer their defined benefit pension schemes, thereby losing a series of benefits and sustaining financial loss.
This comes in light of sustained concern, industry wide, about the unsuitable advice being provided in the defined benefit market.
