01 · In plain English
What happened.
Paul Steel, an individual adviser, was fined £3,694,400 and prohibited from regulated activity by the FCA. The regulator’s Final Notice (published 4 July 2023) says he breached APER 1, 2 and 4 and COCON 1 and 3 by providing unsuitable advice about transferring defined‑benefit pension rights. The action was taken against Mr Steel personally and included both a financial penalty and a prohibition.
Summary generated from the FCA notice and press reports. Check the final notice below before relying on it.
02 · Enforcement details
What the FCA published.
On 4 July 2023, the Financial Conduct Authority fined Paul Steel £3,694,400. This Final Notice refers to breaches of APER 1, 2 and 4, and COCON 1 and 3 related to the provision of unsuitable defined benefit pension transfer advice in the pensions sector. We imposed a financial penalty and a prohibition. Source: the FCA's published list of 2023 fines. Notice:
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