KBFS Financial Limited has been subject to several restrictions by the Financial Conduct Authority (FCA) following concerns that the firm did not fulfil its obligation to pay redress to members of the British Steel Pension Scheme. The FCA has prohibited KBFS Financial from conducting any regulated activities and has limited access to its assets. The regulator’s concerns stem from KBFS Financials’ failure to provide the redress awarded to former members of the pension scheme by the Financial Ombudsman Service and its lack of cooperation with the FCA. The FCA has issued a supervisory notice to KBFS Financial, highlighting its failure to engage with the authority and its directors’ actions of attempting to dissolve the company without notifying the regulator, which is particularly concerning given the repeated attempts by the FCA and requests from clients and the Financial Ombudsman Service.
