The head of the Institutional Review of Pension Organisations has written to the Department of Work and Pensions highlighting a potential gap in the regulation of IFAs and a potential need for legislation.
In his final report, published today, Paul Thornton points out his initial consultation paper in March identified “what appears to be a gap in the regulation and supervision of IFAs advising employers on the transfer between one occupational scheme and another”. And the 90-page report also points out this “gap” is also affecting the redress process for individual complaints as neither the Pensions Ombudsman (PO) or the Financial Ombudsman Service (FOS) have jurisdiction in this area. In the March consultation, Thornton asked for feedback on a potential merger between The Pensions Regul...
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