3 financial advice firms told to stop pension transfers over British Steel Pension Scheme business

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…

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Urgent call for Pension Cold-Calling ban as people “avoidably conned out of their life savings”

Members of Parliament have called on the government to bring in the proposed cold-calling ban as urgently as possible, with the hopes of “bolting” the new laws on to the upcoming “Financial Guidance and Claims Bill”. The Works and Pensions committee has been collecting evidence about pension transfers for some time, in an effort to…

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100+ pension complaints to the Ombudsman over British Steel Pensions: But was transferring out the right decision?

The number of complaints to the Pensions Ombudsman about the British Steel Pension Scheme has reached over 100. The scheme, which has over 130,000 members been in difficulty for some time, and existing members have until the 22nd December to decide whether to move to a new scheme (BSPS II) or remain in the existing…

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Park First airport investment schemes shut down

Park First Glasgow & Gatwick Park First, the car-parking investment scheme arm of Group First, has agreed to cease operating and marketing it’s airport parking investments with the UK financial services regulator – the FCA. Itself an FCA-unregulated car-parking investment scheme which operated car-park investments in Glasgow and Gatwick, the FCA encouraged investors to seek…

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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…

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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…

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Why cant some Financial Advisers advise you on your British Steel Pension?

The bosses at the Financial Conduct Authority have stopped Active Wealth (UK) Ltd from advising steel workers about their pensions The rules about transferring away from a Defined Benefit pension, like British Steel pensions, are pretty strict, and if your British Steel Pension is worth more than a certain amount, you HAVE to get independent…

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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…

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