Only three advice firms applied for pension transfer permissions in 2020

According to a Freedom of Information (FOI) request submitted by Professional Adviser, these were applications for the permission of ‘advising on pension transfers/opt outs' without the ‘limited pension transfer activity'. Issues surrounding pension transfers have have been a hot topic within the financial services community since pension freedoms came into effect, and particularly after the British Steel scandal, with many advisers giving up their permissions due to the risk linked with advising on defined benefit scheme exits.  The number of financial advice firms who withdrew their...