5th Jun 2020 12:46
(Alliance News) - Quilter PLC on Friday confirmed that the UK Financial Conduct Authority is investigating subsidiary Lighthouse Advisory Services Ltd over pensions for workers at British Steel.
The FCA probe is looking at whether Lighthouse breached requirements connected with arranging defined-benefit pension transfers in the period between April 1, 2015 to April 30, 2019.
The regulator also has required Lighthouse to appoint a skilled person to review DB pension transfers advised on or arranged from April 2015 to January 27, 2020.
The investigation stems from several complaints received on historic advice provided by Lighthouse to customers related to transfers out of the British Steel defined-benefit pension scheme.
Quilter said it is fully cooperating with the FCA in relation to the investigation and the skilled person review.
In addition, Quilter said it considers the FCA's proposal to ban contingent charging, alongside the introduction of an initial abridged advice process, as "a welcome move".
The company said the proposal will provide clarity around charging, while ensuring DB transfer advice is focused on the cases where such advice is more likely to be suitable.
Shares in Quilter were up 2.8% at 141.15 pence on Friday in London, while its Johannesburg shares were 3.1% higher at ZAR29.97.
By Dayo Laniyan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Quilter