Former British Steel pension scheme members have told Professional Adviser they were only asked to fill in risk questionnaires at the end of the transfer process as a "formality" to "satisfy the FCA".
Professional Adviser has now spoken with a number of steelworkers who transferred out of their defined benefit pension after dealing with advice firm Active Wealth UK and unregulated introducer Celtic Wealth Management. When it came to assessing their attitude to risk, they said, neither Active Wealth UK's Darren Reynolds and Andrew Deeney nor Celtic Wealth Management's Clive Howells and Liam Powell appeared interested in the results of any risk questionnaire. All the steelworkers Professional Adviser spoke to were only asked to fill in a form at the very end of the pension transfer proc...
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