Five years ago, Andrew*, a company director at an IFA business, witnessed wrongdoing in his industry and wanted to stop it. But when he tried, the reaction he received from life companies and the FSA shocked him...
"We used to have an IFA working for us who was writing a lot of occupational pension transfers, mainly taking people out of bank schemes. It was all done properly, without issue and complete with G60 forms. Eventually though, he decided he wanted a greater commission split, which we wouldn’t agree to. So he left, on good terms, to start up on his own. I even helped him set up his new FSA permissions. It was only after a while that I started to hear through providers that business he had placed while he was with me was being systematically moved. He had favourite providers – the ones w...
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