FCA finds poor pension transfer advice; writes to SIPP CEOs over firm failings

Laura Miller
clock

The Financial Conduct Authority (FCA) has found evidence of poor pension transfer advice, and, in a separate review, has written to the CEOs of self invested personal pensions (SIPP) providers raising concerns over firm failings.

A review commissioned by the FCA into financial advice to people who were offered enhancements (ETVs) to incentivise them to leave their employers' defined benefit (DB) pension schemes has identified a risk of customers losing out on retirement income due to poor advice. Separately, the FCA has today published the results of a thematic review into SIPP operators. The FCA thematic review found that, despite previous warnings, some firms are still failing to fulfil their regulatory obligations. > Read: FSCS chief ‘concerned' by 15% rise in poor pension advice claims < Many firms we...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FSCS places Lancashire firm Frodsham Financial Planning in default

FSCS places Lancashire firm Frodsham Financial Planning in default

Advice practice formerly traded as Tom Carroll Associates FP

Hope Coumbe
clock 13 February 2024 • 1 min read
Schroders CEO: 'Private is a much easier place to exist than public'

Schroders CEO: 'Private is a much easier place to exist than public'

Peter Harrison says he is 'not quite sure we can solve the problem'

Cristian Angeloni
clock 02 February 2024 • 3 min read
FCA: Blackmore Bond promotions had 'very relevant risk warnings'

FCA: Blackmore Bond promotions had 'very relevant risk warnings'

No enforcement action for firms who approved financial promotions

Hope Coumbe
clock 07 December 2023 • 3 min read