BSPS in parliament

MPs ask British Steel Pension transfer advisers to submit evidence for inquiry: Is your adviser involved?

Some financial advisers who advised their clients to transfer away from the British Steel Pensions Scheme have been asked to submit evidence to the Work and Pensions Select Committee relating to an inquiry about Pension Freedoms. These firms, which will have given “DB pension transfer advice” – that’s advice on whether to move away from…

PPF warns about BSPS

PPF warns financial advisers not to use ‘fear’ tactics to transfer pensions like British Steel: Was your advice suitable?

The Pension Protection Fund is concerned some financial advisers are using the British Steel Pension Scheme deficit as a way to lead pension holders towards doing a transfer – something some financial advisers make a big profit on! The PPF, which was set up as a “lifeboat fund” for Defined Benefit company pensions (just like…

Whistleblowing and the FCA

FCA reaches out to good advisers to shop-in the rogue mis-sellers – what you need to know

The Financial Conduct Authority has had enough of dodgy DB Pension Transfers FCA encourages whistle-blowing over pension mis-selling Seminars around British Steel Pension sites What you need to know It’s easy to see why the FCA – the official regulator for the financial services – has had enough with mis-sold pension transfers, with £millions being…

Pension advice bad doctor analogy

Company Director compares pension transfer advice to a bad doctor

Alistair Cunningham, Director of Wingate Financial Planning made a medical advice analogy to explain his critical views on pension transfer rules, highlighting how some financial advisers in agreeing to review somebody’s pension transfer, telling them it’s wrong, but executing the business anyway is a bit like a bad GP. Speaking at the Personal Finance Society’s…

David Ames of Harlequin Properties denies “cheating” investors in court appearance

Harlequin Properties, a section of which has since entered into insolvency proceedings, is now often regarded as an infamous case of what can go wrong, and the risks presented by unregulated overseas property investments, and today, Nov 7th, saw chairman David Ames in court facing on fraud charges. Ames was released on conditional bail following the three…

Investment firms caught

Revealed: 25 investment managers receive FCA action as others are told to rein in Appointed Representatives to avoid pension scams

Request for information reveals that the FCA dished out 25 “Section 166” reviews in 2016 FCA tells firms to “ramp up” due diligence on their Appointed Representatives What these actions mean for customers A Freedom of Information Request to the Financial Conduct Authority has revealed that the regulator issued 25 “Section 166” reviews against financial…