GERARD ASSOCIATES LIMITED AND PENSION ADVICE
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.“