Many people get the wrong advice from their financial adviser of their final salary pension transfer.
The FCA, which regulates advisers and whose job it is to make sure advisers follow the rules and give suitable advice, has stripped many companies of their ability to give final salary pension transfer advice, and other’s have been involved in high-profile pension mis-selling scandals.
We’re here if you want to go toe-to-toe with an adviser who you believe may have mis-sold your final salary pension transfer to you.
Don’t get us wrong, it’s always a good idea to ensure that you receive financial advice from a regulated IFA when considering a final salary pension transfer. In fact, it became a legal requirement a few years ago if your CETV value is worth over £30k.
However, not every financial adviser gives suitable advice in their clients’ best interests 100% of the time, and the results can sometimes be devastating.
Often frustratingly, people go to a financial adviser because they are regulated by the FCA, should be following the rules and are capable of helping them make a decision that is in the client’s best interests, but it doesn’t always work out that way!
The FCA tells advisers that when presented with the option of a final salary pension transfer, they should begin their investigation from the opinion that a transfer would be unsuitable.
Defined Benefit pensions are considered valuable, and if advisers are following the rules then they should rarely be recommending transferring them.
Yet all around the UK, people are now realising they may have been mis-sold their final salary pension transfers.Find out more