06/01/2021
Final salary pension scheme members to suffer big financial hit after spending review Final salary pension scheme members are set to be among the hardest hit by Rishi Sunak’s recent spending review. This comes from a planned change, set to be implemented in 2030, in the way pensions are calculated. It’s estimated that over 6 … Continued
03/10/2019
Blackstar Wealth Management entered administration in August 2019 A financial advice firm that is known to have transferred people’s final salary pensions into SIPPs filled with high-risk and unregulated investments has entered into administration. Based in the West Midlands, Blackstar Wealth Mangement Ltd which operated as a registered business from 2008 appointed Andrew Fender of … Continued
25/04/2019
Thousands have lost money from mis-sold final salary pension transfers without realising it, even if it looks like their pension is growing!
16/01/2019
Its no secret that the watchdogs at the FCA are gunning for financial advisers that give unsuitable or even negligent financial advice over the transfer of Final Salary Pensions. Defined benefits pensions are considered to be rare, valuable and in most case, well worth keeping! But over the past few years, many financial advisers threw … Continued
11/12/2018
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
06/12/2018
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
28/11/2018
The Financial Conduct Authority, which both sets and enforces the rules for companies working in the financial services sector, is set to question around 3,000 firms about pension transfer risks, following suspicious surges in transfer activity over the past few years. In many cases, people may have been given negligent financial advice that led them … Continued
28/11/2018
The Financial Services Compensation Scheme is forecasting an extra £69 million levy to pay for pension mis-selling compensation, as claims about SIPP pensions and final salary pension transfers appear to rise. As the ‘lifeboat’ scheme for the financial services sector, the FSCS is often responsible for paying claims when companies can’t either because they cannot … Continued
26/11/2018
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
13/11/2018
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
