5 high-risk alternative investments that the FOS received complaints about

The FOS, which is setup to resolve disputes between consumers and firms in the financial services sector, has produced a list of the top five alternative investments that it has received complaints about or relating to in the last year. Alternative investments are often based overseas, and are unregulated by the FCA (Financial Conduct Authority).…

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FCA builds database for final salary pension transfer advisers to combat mis-selling

The Financial Conduct Authority (FCA), which both creates and enforces many of the rules financial advisers have to follow, is creating a database of firms to help it police the final salary pension transfer market. According to the rules, final salary pension transfers should rarely be considered suitable as they put the pension saver’s money…

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Retirements put at risk due to pension advice failures

A review of pension transfer advice conducted by the top-dogs at the Financial Conduct Authority has revealed how a string of common advice failures from some financial advisers may be putting retirements at risk. The FCA looked into 45 financial advice companies that were giving people pension advice over valuable final salary pensions, and other…

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Financial advice firm refuses to declare that it gave advice over SIPP

Lighthouse Advisory Services – a principal IFA that has operated with several Appointed Representatives, has been told to pay compensation to a client by the Financial Ombudsman, because it refused to sign paperwork declaring that it gave financial advice. In a recently published financial ombudsman case, Mr B was given advise to transfer his two…

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Invested your pension into Contracts For Difference? The FCA is concerned about CFDs

The regulators for the UK’s financial services, the Financial Conduct Authority, is considering extending the scope of the ban on the marketing of Contracts for Differences to retail investors, due to the huge risk they often present. What are CFDs? Contracts For Difference (CFDs) are often sold as an “investment”. In reality, they are a…

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Clients of Independent Portfolio Managers may be entitled to claim for compensation

Independent Portfolio Managers – a mini-bond manager based in London, has been declared in default by the FSCS, meaning that as many as 2000 former clients may be able to make claims for compensation. The firm, which was incorporated back in 1996, when into liquidation in November 2018, and was previously regulated by the Financial…

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Less than 50% of pension transfer advice deemed suitable

Those who have transferred their final salary pensions may want to re-examine the advice they received, as the FCA promises ‘serious consequences’ for firms after an investigation revealed less than 50% of advice appeared to be suitable. Transfers of final salary pensions should never be undertaken lightly because of the rare and valuable benefits being…

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