FCA has banned Paul Steel of Estate Matters Financial following its finding that he provided unsuitable advice to customers to transfer out of DB pension schemes, including the BSPS scheme. FCA has also brought High Court proceedings against Mr Steel as a result of his conduct in selling his firm’s client book to himself at less than their value. It obtained a freezing injunction and brought proceedings seeking redress for customer losses. FCA settled the action on the basis that Mr Steel would agree to a fine of £3,694,400. FCA, however, agreed not to enforce the fine if Mr Steel paid £850,000, which FCA said is substantially all of his remaining assets, to the FSCS. FCA said that without this settlement, most or all of Mr Steel’s assets would have been spend on court proceedings rather than on compensating customers.
