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 to the Financial Times, this figure is an increase on the £37.5m paid out in 2017 and double the £20m paid out in compensation in 2016. The increase in pay-outs coincided with a rise in general pension transfer action - which includes non-DB related activity - from a total value of £5.4bn in 2014 to £37bn in 2017, according to the Office for National Statistics. Welsh MP Nick Smith,...
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