Budget freedoms could trigger mis-selling claims 'worth billions'

Partner Katherine Dandy predicted that confusion over the reforms, coupled with poor understanding would result in a high level of mis-selling. She pointed out that the biggest risk relates to members with long service who, at the age of 55, may be tempted to transfer their final salary scheme to a money purchase scheme. "For this category of members the risk is significant and the money involved that could end up being mis-sold could run in to the billions," she added. While acknowledging that the new freedoms may be beneficial to some people, Dandy urged for careful consideration...