FCA restricts access to assets of KBFS Financial Limited
The UK Financial Conduct Authority (FCA) has imposed a number of restrictions on KBFS Financial Limited.
The company is prevented it from carrying on any regulated activities and has access to its assets restricted.
This is due to concerns that the firm has failed to pay redress awarded to former members of the British Steel Pension Scheme by the Financial Ombudsman Service (FOS), and for failing to engage with the FCA in an open and cooperative way.
KBFS has failed to provide the regulator with information requested about its financial position and FOS awards it was due to pay out.
It appears the firm has failed to pay redress awarded by the FOS in relation to unsuitable pension-transfer advice given to clients with a defined-benefit occupational pension scheme with British Steel.