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FCA launches High Court action against DB transfer IFA
By Sonia Rach 9
th February 2021 1:54 pm
The FCA has launched civil proceedings in the High Court against the directors of collapsed IFA Estate Matters Financial after allegations it provided unsuitable defined benefit pension advice.
The FCA claims that EMF, which went in to liquidation in June 2020, has breached various requirements under the Financial Services Market Act 2000 by providing unsuitable DB pension transfer advice, which led consumers to exit their schemes when it was not in their best interests to do so.
As part of the proceedings, an interim injunction has been secured against directors Paul Steel and Jacqueline Foster, which freezes the assets of the pair, up to the value of £7m, pending a further hearing.