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…

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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…

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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…

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Why is FCA is targeting Financial Advisers that recommend high-risk investments?

The FCA may be refocusing their attention on certain financial advisers FCA to look into advisers recommending high-risk investments What is a UCIS? Why does it matter? FCA Director of Policy David Geale has said that financial advisers that recommend unregulated investments could be in the regulator’s scopes from 2018. The Financial Conduct Authority has…

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Trade Unions warn of financial advisers ‘targeting’ final salary pension schemes

TUC asks MPs for action on pension targeting The TUC (Trades Union Congress) has told Members of Parliament that steps to halt advisers from ‘targeting’ DB pension schemes is needed. Recently, Final Salary Pension transfer values have been quite high, and some believe this has prompted some financial advisers to “target” them for a pension…

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FCA: Advisers to report “risky” product recommendations

The FCA seems to have had enough of people ending up in risk investments New requirements for advisers as FSCS compensation pays out £105m FSCS funding levies considered What it means for investors The Financial Conduct Authority will be asking all independent financial advisers to report when they recommend potentially high-risk investment products to clients.…

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Pension scandal losses could reach as high as £1bn! Have you checked your own pension?

A deeper look at your SIPP might set you at ease, or give you more questions than answers… PASA chairman says £1bn from pensions could have been lost to scammers Tip of the pension mis-selling scandal iceberg Example of a mis-sold pension According to the chair of the Pensions Administration Standards Association, Margaret Snowdon, people…

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1 in 8 believe they have been mis-sold by their financial adviser

Is the true scale of pension mis-selling becoming too big to ignore? 13,000 interviewed by FCA 13% of those surveyed said they felt mis-sold Same percentage felt they received other bad advice How to spot your own mis-sold pension The FCA has conducted its 2017 Financial Lives Survey, asking 13,000 people about their personal financial,…

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FCA probes SIPP providers about number of non-standard investments – what does it mean for your pension?

Has high-complaints driven the FCA to weigh up options about mis-sold pensions? Regulator asks SIPP providers to show their cards Non-standard investments focal point on investigation What IS a non-standard Investment? Could you be effected? The Financial Conduct Authority has asked all providers of Self-Invested Personal Pensions (SIPPs) to reveal the details of any non-standard…

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