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Brief
On "31/10/2024", the "Financial Conduct Authority" issued an update regarding "FCA bans Steven Hodgson and Paul Adams for pension transfer advice failings".
The Financial Conduct Authority (FCA) has banned Steven Hodgson and Paul Adams, both from Vintage Investment Services, from advising customers on pension transfers and opt-outs. Mr. Hodgson and Mr. Adams were found to have poorly advised people to transfer out of defined benefit pension schemes, including the British Steel Pension Scheme.
They will also pay £32,700 and £53,200 respectively to the Financial Services Compensation Scheme (FSCS) as part of redress for their customers. Between January 2016 and December 2017, Vintage advised 97% of its defined benefit pension clients to transfer out, with 165 people ultimately transferring out, including 93 members of the British Steel Pension Scheme. The average completed transfer value was over £420,000.
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