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Lighthouse Advisory Services censured over British Steel pension advice

( May 15, 2023, 10:02 GMT | Official Statement) -- MLex Summary: The UK’s financial services watchdog has publicly censured Lighthouse Advisory Services for advice given between 2015 and 2019 to people looking to transfer out of defined benefit pension schemes, including members of the British Steel Pension Scheme. The Financial Conduct Authority said in more than half of cases, advice given to BSPS members was unsuitable. Quilter Financial Planning, which acquired Lighthouse in 2019, has paid more than 23 million pounds in redress to affected customers. The FCA said Quilter had provided “very high levels of cooperation” during the investigation, and therefore, censure was an appropriate outcome.Statement below and final decision notice attached. ...

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