The financial penalty is GBP3,694,400. The prohibition is against performing any function in relation to any regulated activity carried on by an authorised person, exempt person or exempt professional firm.

The penalty was reduced by 30% based on the cooperation of the Respondent. Had it not been for that, the penalty would have been more than GBP3.8 million.

However, Steel will not have to pay the money directly: the FCA will not enforce the order provided that Steel hands over the sum of GBP850,000 to be passed by the Authority to the Financial Services Compensation Scheme. This money is to be funded when Steel receives the balance of the proceeds of sale of his business known as Pension Matters (North East) Ltd . Another company, Estate Matters Financial Limited , went into liquidation in 2020.

The full details of the background and reasons are here: https://www.fca.org.uk/publication/final-notices/paul-steel-2023.pdf