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FCA fines Pembrokeshire Mortgage Centre over £2m for BSPS failings


By Sophie Smith

The Financial Conduct Authority (FCA) has fined Pembrokeshire Mortgage Centre (PMC) Limited, currently in liquidation, £2,354,331 for unsuitable advice to transfer out of the British Steel Pension Scheme (BSPS) and other defined benefit (DB) pension schemes.

The firm advised 420 consumers, nearly two-thirds of whom were BSPS members, on whether to transfer out of their DB scheme. Overall, 93 per cent were advised to transfer, with PMC earning over £2m in transfer and ongoing advice fees


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Reflect and adapt

In the aftermath of the recent LDI liquidity crisis, Laura Blows considers the reasons for this turmoil, the long-term changes it may instigate, and the lessons to be learnt

Sealing the cracks

Gill Wadsworth considers the efforts being taken to reduce discrepancies between the regulation of contract-based and trust-based schemes

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Pension risk transfer (PRT) and environmental, social, and governance (ESG) considerations have been subjects in the pensions landscape for years. But until now, the two have rarely become intertwined

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Disagreements within the pensions industry can drive progress and change, but infighting can also damage member trust when it spills into the public space, argues Sophie Smith

Going private

Jack Gray explores whether there has been an uptick in demand from DC schemes for private market investment and what barriers exist that are preventing increased allocations

In it for the long haul

Amid continued economic and political uncertainty, Jack Gray assesses private equity trends following the highs of 2021 and what opportunities the asset class presents for pension schemes

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Following the launch of the cross-industry Pension Attention campaign, Sophie Smith considers the successes of past industry campaigns, and whether such campaigns could be enough to improve the industry’s reputation

Pensions without borders

Pooling internal pension and investment resources across countries can be advantageous for multi-national employers but it brings complex challenges, writes Stephanie Baxter

Ready, set, go?

After Clara Pensions became the first UK superfund to gain TPR approval, Tom Dunstan examines the superfund landscape and provides an update on Clara’s first deal, the approval of other funds, and what superfunds might mean for the industry

The role of real estate in pension schemes

Sandra Haurant looks at the role real estate investment can have in pension scheme portfolios and the impact of recent market turmoil on the asset class

Entering the metaverse

As the virtual world, known as the metaverse, continues to develop rapidly, Laura Blows explores what opportunities it may hold for the pensions industry

How to prepare for the unexpected

ESG disasters or events are more scrutinised than ever, but can’t always be foreseen, as pension fund investors know all too well

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Making pension engagement enjoyable through technology
Laura Blows speaks to Nick Hall, business development director and Chartered Financial Planner at UK-based Wealth Wizards about the opportunities that technology provides for increasing people’s engagement with pensions and increasing their retirement wealth. Please click here for an edited write-up of the video

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Laura Blows is joined by Claire Felgate, Head of Global Consultant Relations, UK, at BlackRock, to discuss savings and finance at retirement. Please click here for an edited write-up of the video

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