FCA starts restitution application for DB transfer advice

FCA has started proceedings towards a restitution order against two individuals. It alleges that Estate Matters Financial Limited, which is in liquidation, provided unsuitable DB pension transfer advice, which led customers to leave DB pension schemes when it was not in their best interests to do so. It alleges that Paul Steel, its director and co-owner, was knowingly concerned in the breaches, and also acted to remove assets from EMF, thus enabling him to retain the profits from the unsuitable advice while leaving the firm unable to meet potential liabilities for it.  FCA has obtained an interim injunction freezing the assets of Mr Steel and his partner, who it says may be holding or controlling assets owned by Mr Steel.