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Gerard Associates Limited, based in Bristol, have been taken to task by the Financial Ombudsman Service 4 times over their advice and conduct, relating to pensions.
Now, Gerard Associates Limited has been told to “cease regulated activities for Pension Transfers” by the watchdogs at the FCA, at least until there has been independent verification that Gerard Associates meet the Threshold Conditions for Business.
Pension mis-selling cases have been on the rise over the past decade, with many advisers earning money by transferring valuable final salary pensions when it wasn’t in the client’s best interest to do so, and in other cases transferring and investing those pensions into high-risk situations such as SIPPs, SSASs and QROPS with high-risk investments.
In FOS case DRN8472650, the adjudicator said that “In my view the business process set up by Gerard Associates has all the hallmarks of being designed to avoid having to comply with the regulator’s rules.“Get started now
If you changed your pension with Gerard Associates, you may be able to claim
Final salary pension transfers often mean the loss of defined benefits, including swapping a guaranteed income in retirement for more risk, and more fees. In many cases, people lose money in the transfer leaving them worse off in retirement.
If you transferred your final salary pension then you may have been mis-sold, and you could be able to make a claim for a mis-sold final salary pension transfer.Speak with an expert
In July 2016, it was announced that The Pensions Regulator had appointed Dalriada Trustees to administer London Quantum Retirement Benefit Scheme, after claims that it put almost £6million worth of pension savings at risk through “risky and illiquid investments”. Gerard Associates Limited was mentioned as being involved in the investment choices, and that it was paid £220,000 in fees.
The Financial Ombudsman Services (FOS) publishes an upheld complaint against Gerard Associates Limited, involving the transfer of a Friends Life pension fund into the London Quantum Retirement Benefit Scheme, which was declared unsuitable as Mr C (the complainant) was a Retail Investor. This is detailed in FOS decision DRN7505988
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The FCA recently reviewed 154 pension transfers as part of an investigation into IFAs in 2018, and found less than 50% to have received suitable advice.Read More
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