Topic: FCA stops AJH Financial Services Limited disposing of assets without permission
Overview: The Financial Conduct Authority (FCA) has stopped AJH Financial Services Limited, a firm that advised on transfers from the British Steel Pension Scheme (BSPS), disposing of assets without FCA permission.
The FCA expects to consult on a redress scheme for former members of the British Steel Pension Scheme in March 2022. In December 2021, the FCA wrote to firms who had advised on BSPS making clear that firms should not dispose of any assets and maintain adequate financial resources.
The FCA are concerned that AJH does not have sufficient financial resources to pay potential redress claims and appears to have paid out dividends rather than retaining the assets.
The FCA will act to prevent firms from disposing of assets which may be required to pay redress. The FCA look to impose requirements where firms have not acted in accordance with the expectations in the Dear CEO letter or have attempted to phoenix or put in place structures to avoid potential redress liabilities. The FCA will continue to monitor firms who have advised on BSPS transfers and take action where necessary.
Topic: The FCA publishes 2022 fines.
Overview: The FCA publishes 2022 fines, the page contains information about fines published during each calendar year.