National advice firm Westminster Wealth has hired the former director of a firm that has cost the Financial Services Compensation Scheme (FSCS) £10m in payouts to former clients over unsuitable pension transfer advice.
Ken Simpson is the former director of Glasgow-based Independent Benefit Consultancy (IBC), which collapsed in 2021 after losing its defined benefit (DB) transfer permissions.
The firm went into liquidation in April 2021 following an upheld complaint at the Financial Ombudsman Service and was declared failed by the FSCS in October that year.