Pension Transfers
Two UK IFA firms fail
With the FSCS receiving claims related to pension advice transfers for both
IFA banned over ‘unsuitable’ DB pension transfer advice
He has been told to pay £850,000 to the FSCS to compensate customers
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’