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12/20/2018
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
12/20/2018
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
12/19/2018
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
12/18/2018
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
12/17/2018
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
12/11/2018
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 … Continued
12/10/2018
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 … Continued
12/10/2018
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 … Continued
12/10/2018
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 … Continued
12/06/2018
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 … Continued
