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Release Date: 4th July 2023

To access the original FCA document, click here.


Mr Paul Steel has been fined £3,694,400 by the Financial Conduct Authority (FCA) and prohibited from performing any function related to regulated activities. The fine is due to his actions while holding senior management roles at financial advisory firms EMF and PMNEL, which he co-owned. Mr Steel’s misconduct includes providing unsuitable pension transfer advice, separating firm assets from liabilities to benefit personally, and failing to be open and cooperative with the FCA.

Reasons for the Fine:

Key Takeaways for Other Firms:


The FCA’s action against Mr Paul Steel highlights the critical importance of integrity, transparency, and diligence in financial advisory roles. Firms and individuals must adhere strictly to regulatory requirements, prioritise client interests, and maintain honest and open communication with regulatory bodies to avoid severe penalties and prohibition from the industry.

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