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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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