Three firms have stopped advising on pension transfers after the Financial Conduct Authority (FCA) undertook a "significant information gathering exercise" on the British Steel Pension Scheme transfer saga.
The regulator said the ceasing of transfer work by three firms was a result of the exercise that saw it gather information from 50 advisory firms, 12 self-invested personal pension (SIPP) providers and the British Steel Pension Scheme administrators. The FCA said it had also visited seven advice firms and requested files from a further four based on the data it collected. The financial watchdog also has plans to visit six more firms this week and said further visits could yet take place. British steelworkers have until 23 December to decide whether to move their defined benefit (DB) ...
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