Finance bosses take away permissions of 3 pension transfer companies as fears over dodgy BSPS transfers grow
The Financial Conduct Authority – the organisation that grants authority to Financial Advisers for them to advise on pension transfers, has told 3 firms to STOP doing pension transfer business over their involvement with transferring people’s pensions away from the British Steel Pension Scheme.
The FCA gathered information from 50 financial advice firms, 12 SIPP operators (SIPPs often being the end-destination in dodgy pension transfers due to their ability to contain high-risk and unregulated investments), and the BSPS themselves, before visiting seven financial advice firms and telling three of them to stop advising BSPS members.
The FCA did not on this occasion name the 3 firms, however we do know that one is West Midlands-based Active Wealth (UK) Ltd who lost part of its permissions last month.
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With fears expressed by MPs, the PFF, advisers and the FCA themselves over British Steel Pensions, it would seem that some financial advisers may have been targeting British Steel Pension Scheme holders in order to make a bob or two, despite the extra risk often represented by transferring away from a Defined Benefit scheme.
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