Advice firm Bartholomew Hawkins has stopped its defined benefit transfers following a meeting with the Financial Conduct Authority.
According to the FCA’s register the company must “immediately cease all regulated activities relating to defined benefit pension transfer business for which the firm has Part 4A permissions”.
The register says the firm ceased work on DB transfers on 22 December, which makes Bartholomew Hawkins the latest among a number of firms which have been asked to stop work on transfers during the past few months.
The advice process on DB transfers has received attention of late, particularly in the context of the British Steel Pension Scheme.
On 13 December St James’s Place said it would no longer accept transfer requests from members of the British Steel scheme.
These include Active Wealth, Pembrokeshire Mortgage Centre Limited and Mansion Park.
Work and pensions committee chair Frank Field has been pressing for more information on the advice process given to BSPS members.
He wrote to two advice firm bosses called as witness but who failed to attend the committee hearing into the British Steel Pension Scheme on 13 December 2017.
These were Celtic Wealth Management managing director Clive Howells and Active Wealth director Darren Reynolds.
Field wants answers to his questions by 8 January this year when parliament returns from recess.
Bartholomew Hawkins was unavailable for comment at the time of publication.