FCA Freezes £7M Assets Of Pensions Firm Director Pre-Trial

Law360, London (February 9, 2021, 3:23 PM GMT) -- The Financial Conduct Authority said on Tuesday that it has launched civil proceedings against a pensions company director it alleges gave unsuitable transfer advice to retirement savers, adding that it has frozen assets worth up to £7 million ($9.6 million).

The City watchdog said it has started High Court proceedings against Paul Steel and his partner, Jacqueline Foster. Steel was the director of Estate Matters Financial Ltd., based in the central England city of Birmingham, which went into liquidation in October 2019.

The FCA said it has secured an interim injunction to freeze Steel's assets up to the value of £7 million....

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