Pension scam report shines light on quality of advisers

The report found around half (52%) of red flags raised by due diligence on suspected scam pension transfers involved an unregulated introducer, an adviser in a different country from the scheme member, or an adviser who appeared on an internal watch list because of previous concerns. The PSIG gathered information from three pilot providers - Phoenix Life Assurance Company, Standard Life Assurance Company and XPS Pensions Group - throughout 2018, with a view to obtaining a greater understanding of the transfers market and pressures faced by transferring schemes and administrators during t...