Attractive DB transfer fees could lead to misselling, warns adviser

Affluent Financial Planning director Carl Melvin told Professional Adviser he had received enquiries from individuals looking for a second opinion on advice given to them from other advisers regarding sizable DB transfer value fees. In one instance, he said, an individual working for an international car manufacturing firm had approached him after their adviser suggested they opt out of their final salary scheme and take a £400,000 transfer. The individual had been told the money would be invested elsewhere and make handsome returns - and that they would be charged a fee of £17,000 fo...