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Adding to pension fund

Number of pension transfers shoot-up 587% in just 2 years despite warnings


Have you moved a defined benefit pension? Final salary pensions are some of the most rare and valuable pensions around, promising a guaranteed income in retirement, with some excellent benefits and security. But despite this, it appears people are leaving them in the thousands, as the FCA reports a massive 587% increase in pension transfers … Continued

Stacks of claims against Beaufort Securities

1,400 claims against Beaufort Securities land with FSCS


The Financial Services Compensation Scheme, which acts as a lifeboat to pay claims when firms cannot, has received over 1,400 mis-selling claims relating to the Beaufort Securities scandal. Beaufort, which entered into administration back in March shortly after it was revealed that parties relating to Beaufort were caught up in an FBI sting, provided discretionary … Continued

FCA demanding information from IFAs

FCA demands information from DB pension transfer advisers


The FCA has written out to financial advisers who have permissions to conduct final salary pension transfers to demand information about the ongoing costs of the new pension arrangements being paid by their clients. Final Salary pension transfers are rarely considered suitable under the FCA’s rules, because of the amount of risk moving away from … Continued

Mps meet steelworkers

MPs to meet with steelworkers as pension mis-selling saga rumbles on


Westminster will play host to steelworkers caught up in the mis-sold British steel pension transfer scandal, in an effort to hear and address concerns over the compensation offers being made to people who have lost out by transferring. It is believed that some financial advisers used fear tactics and uncertainty over the future of the … Continued

1000 claims against SIPP providers

Financial Ombudsman receives 1,000 complaints against SIPP providers


For some time now, many people have wished to make claims against their SIPP provider because of supposed due diligence and responsibility failings that allowed unsuitable high-risk investments to take place. But such claims have been effectively put on hold for years while the responsibilities of SIPP providers has been debated. A huge part of … Continued

FCA letter to SIPP providers labelled important

SIPP administration firms under FCA scrutiny over insolvency plans


SIPP administrators are being quizzed by the watchdogs and rule-makers at the Financial Conduct Authority (FCA) over the plans they have in place should they become insolvent, and over their general resilience. The Regulator wrote out to SIPP providers following a ‘Dear CEO‘ letter the previous week, to ask them questions about their professional indemnity … Continued

Concept image of a circuitboard with the FCA

Finance watchdogs look to Artificial Intelligence to detect mis-selling


The UK regulator for the financial services sector – the FCA – is looking at how A.I and ‘machine learning’ may be used in the future to help detect financial advisers who mis-sell products, such as pensions and mortgages. The FCA’s Richard Monk, who is currently acting director of strategy, announced at a conference that … Continued

A judges gravel

Berkeley Burke loses SIPP due diligence appeal


SIPP provider Berkeley Burke has lost its Judicial Review case against the Financial Ombudsman’s decision to hold it accountable for a SIPP complaint case. The FOS ruled against Berkeley Burke back in 2014, saying that it failed to do the required due diligence checks over taking on high-risk and unregulated investments onto it’s books. High Risk … Continued