£40m DB claim pay-outs 'tell us little about advice given now'
Compensation doubled in two years
FSCS data has revealed DB transfer-related pay-outs have doubled in the last two years although Royal London director of policy Steve Webb has argued this offers limited insight into the quality of more recent financial advice.
Pay-outs to those wrongly advised to transfer out of their defined benefit (DB) pension rose to more than £40m last year, data from the Financial Services Compensation Scheme (FSCS) has shown. According...
More on Retirement
Pension transfer values end volatile year 8% up; scam 'red flags' at record high
‘Substantial volatility’
Partner Insight: Five new retirement journeys ahead
For a long time, the road to retirement followed a familiar path. Individuals saved up for a pension during their working life in order to retire at a set age; usually around 65. This path has shifted, however.
Adrian Boulding: Go against the pack and consider an annuity
Only one in ten opt for an annuity
Neil MacGillivray: Annual allowance and 'scheme pays' explained
Scheme pays or not scheme pays?
More news
UK borrows £34bn in December as public sector debt set to increase through 2021
Third highest monthly figure since 1993
Advisers to be levied £240m again as FSCS announces £1bn overall levy
'Cannot normalise this level of loss'
Daniel Baade: The rise of debt financing in IFA M&A
There is no shortage of IFA firms looking to sell up, writes Daniel Baade. However, the big question is how to finance the acquisition of IFA or wealth management firms...
Quilter supports 285 young carers in the UK by raising £10,600
Supported over Christmas
Treasury Taskforce to address FSCS levy concerns and work with FCA
Plus online scams
