The FCA has banned two more individuals for pension advice transfer failings in respect of transferring out of defined benefit pension schemes, including the BSPS. It has also banned Steven Hodgson and Paul Adams from holding any senior management function in any regulated firm and ordered then to make payment to the FSCS to contribute towards redress owed to the customers of Vintage Investment Services, their firm. The FCA said that over a period of nearly 2 years, Vintage advised 97% of its defined benefit pension clients to transfer out. Almost all took the advice, and this resulted in 165 transfers out of which 93 related to BPSPs. The FCA found that two third of the advice did not meet its standards, and that 132 customers continued to pay for ongoing advice after being wrongly advised to transfer.
