Pension Transfers
DB transfer values fall to lowest month-end level for 7 years
93% of cases raised at least one scam warning flag in May
Another IFA banned from providing advice on pension transfers
FCA has also prohibited him from holding any senior management function in a regulated firm
FCA carries out 30 investigations over British Steel DB transfer advice
Regulator is making final decisions on ‘what sanctions are appropriate where we have found misconduct’
Just 1% of completed pension transfers had red or amber flags
DWP review also finds ‘overseas investment amber flag needs to be more clearly defined or removed’
Ex-TPR director calls for change in DB transfer advice rules
David Fairs wants a ‘much smoother process’