FCA warns two people over 'reckless' DB transfer advice

Transfers happened between October 2015 and July 2016

Jenna Brown
clock • 2 min read

The Financial Conduct Authority (FCA) has issued two people with warning notices over what it described as a “seriously flawed advice model” linked to defined benefit (DB) pension transfers.

The notice, published on 6 March, said the questionable conduct took place between 1 October 2015 and 31 July 2016. The people and firm involved were not named. The FCA said it believed the two people, who were listed as a partner and approved person at the unnamed firm, had engaged in reckless conduct that demonstrated they lacked integrity. It added that the individuals (referred to as A and B) permitted the firm to operate a seriously flawed advice model for DB pension transfers in partnership with an unauthorised introducer firm. The notice read: "The firm failed to gather suff...

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