The Financial Conduct Authority (FCA) has identified 60 advice firms that should carry out past business reviews over potential pension transfer mis-selling.
According to a submission made by the regulator to a Work and Pensions Committee inquiry, the financial watchdog said it has "intervened extensively" to improve the rate of suitable defined benefit (DB) transfer advice. This interaction, it said, resulted in direct contact with 104 advice firms. Of those advice firms, there were 39 variations of permissions, 21 asset retentions and almost 60 the FCA said "need to carry out past business reviews". One case resulted in High Court proceedings, the FCA added. It said that during its review, consumers often describe pensions as a minefi...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
