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Pembrokeshire Mortgage Centre fined GBP2.4 million for ‘serious failings’ in British Steel advice

( December 2, 2022, 10:49 GMT | Official Statement) -- MLex Summary: Pembrokeshire Mortgage Centre Limited has been handed a 2.4 million-pound fine by the UK Financial Conduct Authority for giving consumers unsuitable advice to transfer out of the British Steel Pension Scheme and other defined-benefit pension schemes. The FCA found that the company earned more than 2 million pounds in transfer and ongoing fees, advising that 93 percent of its 420 consumers should transfer out of their guaranteed-income pensions. The regulator’s view is that most people are best-suited to staying in a defined-benefit scheme. Pembrokeshire Mortgage Centre gave unsuitable advice in 60 percent of cases, leading to the fine. Statement follows. Final notice attached....

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