The Financial Conduct Authority (FCA) has warned advisers to drastically improve standards on pension transfers to self-invested personal pensions (SIPPS), saying it expects more firms to face enforcement action due to the "serious and ongoing failings".
The FCA, which had started to look into SIPP pension transfers after detecting failings in January last year, said it is still seeing "unacceptable failings" in advice in the field. The regulator said it has already stopped a "large number of firms from operating such business models" and intends to continue to do so should practices not change for the better. Two partners in a firm the FCA probed, Andrew Rees and Timothy Hughes, faced regulatory enforcement action earlier this month for a catalogue of errors in relation to SIPP advice. In general, the regulator found advisers were...
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