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Release Date: 11th March 2024

To access the original FCA document, click here.


Inspirational Financial Management Ltd (IFM) has been fined £897,840 by the Financial Conduct Authority (FCA) for providing unsuitable pension transfer advice, particularly to British Steel Pension Scheme (BSPS) members, between June 2015 and December 2017. The fine comprises £740,140 in disgorged profits and a £157,700 penalty, which was reduced from £225,300 due to early resolution.

Reasons for the FCA Fine:

Key Takeaways for Other Firms:


The FCA’s action against IFM highlights the importance of providing suitable financial advice and maintaining rigorous internal controls. Firms must ensure they act in their clients’ best interests, avoid conflicts of interest, and adhere to regulatory guidelines to prevent substantial penalties and protect customer interests.

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