GFSC reaches settlement with pension firm over regulatory breaches

The Financial Services Commission says it has reached a settlement with European Financial Planning Group Limited, a local pension scheme operator.

EFPG admitted that from January 2020 to July 2024 it did not meet the required standards set out in the personal pensions regulations.

The GFSC says the agreement came after a positive and open process, with EFPG cooperating fully throughout the investigation.

EFPG will pay a financial penalty of £34,125.

This is a reduced amount, reflecting a 30 percent discount for settling early and their level of cooperation.