03 June 2019
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“The increased compensation limit is either stopping or driving financial advisers to consider no longer advising on pension transfers" - the PFS's Keith Richards
The recent Financial Ombudsman Service (FOS) compensation limit hike will see advisers pulling out of the DB transfer market when PI insurance becomes too expensive, the PFS has warned.
On 1 April, the Financial Conduct Authority (FCA) increased the ombudsman's award limit from £150,000 to £350,000. Since the increase, the Personal Finance Society (PFS) has been contacted by financial...
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