IFAs still switching pensions despite FSA crackdown fears

In a Defaqto survey of 500 IFAs, 21% say they have changed pension providers for clients in the past year. This counters claims made in September last year by IFAs who said following the FSA's 2008 thematic review of pension switching, they were afraid to make genuine switches in case they were accused of miss-selling. Defaqto's reseach finds 58% of pensions are switched because current arrangements provide poor value for money, whilst 40% blame poor business administration. Sub-standard investment offerings were the reasoning behind 38% of switches, whilst around a third of moves ...