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Good news for those who are making claims for having been mis-sold their pension transfer away from the British Steel Pension Scheme: the FSCS is ‘upping’ the compensation amounts on offer in some cases. Many people were mis-advised to transfer their pension away from British Steel, with several financial advisers accused of using ‘fear tactics’ … Continued

After years or complaints, petitions, campaigns, debates and reviews, it is now illegal for companies to cold-call members of the public about pensions. As of 9 January 2019, firms wishing to speak to people about their pensions and conduct free pension reviews will have to obtain prior consent to make marketing calls to each individual. … Continued

Did you ever transfer a final salary or other type of defined benefit pension scheme? The financial services compensation scheme (FSCS) has paid out more than £40 million in 2018 for claims relating to defined benefit pension transfers that turned out to not be in the person’s best interest. Unsuitable pension transfers like these can … Continued

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). … Continued

A ban on cold-calling about pensions will finally be enforced from 9 January 2019, and the legislation was approved by parliament. The new law has been a long-time coming, with a solution to the problem of unregulated introducers and their part in pension mis-selling well needed. What role have unregulated introducers had in pension mis-selling? … Continued

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 … Continued

Have you transferred a final salary pension in the last few years? If you did, it could be that you find out that your pension transfer was mis-sold to you, like so many others, and in making a complaint, you may end up in contact with the Financial Ombudsman Service. The FOS is now training … Continued

The FCA has produced defined benefits transfer figures that some have interpreted as a sign that advisers will be paying more and more to the FSCS for mis-sold pension compensation. Industry comments on the FCA’s ‘Key Findings on our Recent Work on Pension Transfer Advice’ highlighted the uncertainty and feelings of mis-trust about many financial … Continued