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…
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…
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…
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…
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…
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…
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…
Speaking at an event, solicitor Philippa Hann told SIPP providers that it was time to “take responsibility” as SIPP pensions were “not simply a bucket into which a pile of cr*p can be poured”. In recent years, some SIPP providers have allowed thousands of people to invest in high-risk and unregulated investments – everything from…
The compensation on offer from the Financial Services Compensation Scheme for those mis-sold their final salary pension transfers away from British Steel, has come under criticism from a financial adviser. Under current rules, the FSCS may pay out up to £50,000 in compensation to people who have been mis-sold over pension issues, if the negligent…
The Financial Services Compensation Scheme (FSCS) has already received 221 claims for the advice given by Active Wealth UK Ltd, and 14 claims have already been paid. Active Wealth (UK) Ltd is known to have been “at the centre” of the British Steel Pensions scandal, in which many people were often wrongly told to transfer…