FCA fines financial adviser $1.1M over British Steel advice, oversight lapses
By 
Jeff Dale2024-03-12T19:10:00
The U.K. Financial Conduct Authority (FCA) fined a financial advice firm nearly 900,000 pounds (U.S. $1.1 million) regarding alleged failures in advice and oversight provided to customers who were primarily members of the British Steel Pension Scheme (BSPS).
Inspirational Financial Management (IFM) “poorly advised people to transfer out of defined benefit pension schemes,” the FCA announced in a press release Monday.
Arthur Cobill, an adviser at IFM, and William Hofstetter, one of its directors, agreed to pay £120,000 (U.S. $153,000) and £40,000 (U.S. $51,000), respectively, to contribute to IFM customer compensation and be banned from advising customers on pension transfers and opt outs. With IFM under administration, preference will be given to creditors to maximize funds available for redress, the FCA added.
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