Quilter Monetary Planning has been praised for its dealing with of Lighthouse’s involvement within the British Metal Pension Scheme scandal by the FCA.
Therese Chambers, joint govt director of enforcement and market oversight on the FCA, stated Quilter was a “mannequin instance” of easy methods to behave.
In a speech given on the Metropolis & Monetary FCA Investigations and Enforcement Summit in the present day, Ms Chambers stated the FCA determined, in a “extremely uncommon” transfer, to not superb Lighthouse resulting from Quilter’s dealing with of the incident.
She stated: “Quilter took accountability for the unsuitable recommendation given – recommendation that had been given earlier than it had acquired Lighthouse.
“Quilter additionally took accountability for enhancing the insufficient management framework that they discovered.”
Earlier this month the FCA censured Quilter-owned Lighthouse Advisory Companies Restricted for severe recommendation failings in relation to the British Metal Pension Scheme (BSPS) which resulted in £23m paid in redress to shoppers.
The watchdog censured Lighthouse for unsuitable recommendation given between 1 April 2015 and 30 April 2019.
Lighthouse suggested individuals trying to switch out of outlined profit pension schemes, together with members of the BSPS.
In the course of the interval, Lighthouse suggested 1,567 prospects, 262 of whom have been members of the BSPS.
Quilter Monetary Planning acquired Lighthouse in June 2019, after the unsuitable recommendation was given.
Ms Chambers additionally used hr speech to slam “self-interested criticism” of the regulator’s Woodford Fairness Revenue redress deal and urged traders within the fund to “critically think about” voting for the redress scheme.
Ms Chambers stated: “We want each pound might be recovered. Though the redress scheme doesn’t cowl all losses, we think about it’s within the pursuits of traders to noticeably think about it.
“The proposed scheme provides traders the very best likelihood to acquire a greater end result than may be achieved by every other means.”
