Regulator takes steps to stop pension mis-sellers and scammers from coming back to the industry

The FCA has launched a training program designed to help staff stop individuals and companies considered to be ‘harmful’ from starting up their old tricks again. Many people in the financial services industry are concerned with how some firms appear to have given negligent financial advice ‘en masse’ and then placed their company into liquidation…

3000 financial firms to be quizzed over pension transfer risks

The Financial Conduct Authority, which both sets and enforces the rules for companies working in the financial services sector, is set to question around 3,000 firms about pension transfer risks, following suspicious surges in transfer activity over the past few years. In many cases, people may have been given negligent financial advice that led them…

FSCS may have to levy another £69m to pay for pension mis-selling compensation

The Financial Services Compensation Scheme is forecasting an extra £69 million levy to pay for pension mis-selling compensation, as claims about SIPP pensions and final salary pension transfers appear to rise. As the ‘lifeboat’ scheme for the financial services sector, the FSCS is often responsible for paying claims when companies can’t either because they cannot…

1,400 claims against Beaufort Securities land with FSCS

The Financial Services Compensation Scheme, which acts as a lifeboat to pay claims when firms cannot, has received over 1,400 mis-selling claims relating to the Beaufort Securities scandal. Beaufort, which entered into administration back in March shortly after it was revealed that parties relating to Beaufort were caught up in an FBI sting, provided discretionary…

SIPP administrators told to stop allowing “cr*p” investments in their pensions

Speaking at an event, solicitor Philippa Hann told SIPP providers that it was time to “take responsibility” as SIPP pensions were “not simply a bucket into which a pile of cr*p can be poured”. In recent years, some SIPP providers have allowed thousands of people to invest in high-risk and unregulated investments – everything from…