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FCA imposes £897,840 fine on Inspirational Financial Management

The UK Financial Conduct Authority (FCA) has fined Inspirational Financial Management Ltd (IFM), which is in administration, £897,840.

IFM poorly advised people to transfer out of defined benefit (DB) pension schemes, including the British Steel Pension Scheme (BSPS).

Arthur Cobill, an adviser at IFM, and William Hofstetter, one of its directors, have been banned by the FCA from advising customers on pension transfers and pension opt outs. Mr Hofstetter has also been banned from holding any senior management function at any regulated firm.

Mr Cobill and Mr Hofstetter agreed to pay £120,000 and £40,000, respectively, to the Financial Services Compensation Scheme (FSCS) to contribute to compensation for IFM’s customers.

Between 8 June 2015 and 22 December 2017, IFM provided unsuitable pension transfer…
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