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On 23 October 2023, we imposed a number of restrictions on KBFS Financial Limited (KBFS/the Firm), preventing it from carrying on any regulated activities and restricting access to its assets.
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 us in an open and cooperative way.
KBFS has failed to provide us 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 5 clients with a defined-benefit occupational pension scheme with British Steel.
We have issued a First Supervisory Notice which sets out the full details. A full description of the restrictions on the firm can be found on the Financial Services Register.
If you were given poor advice to transfer out of the British Steel Pension Scheme, you could be owed money.Find out how this is being put right.
https://www.fca.org.uk/news/news-sto...ancial-limited
