The Financial Conduct Authority (FCA) has handed an adviser a warning notice for giving customers unsuitable advice to transfer out of their defined benefit (DB) pension.
Between 2 April 2015 and 25 June 2019, the FCA said the "reckless" unnamed individual advised "a large number of customers" to transfer out of their DB scheme when it was not suitable. The statement said the adviser failed to obtain relevant information on clients' financial situations when assessing suitability. The unnamed individual was handed the warning notice on the 16 November. The adviser was approved as a CF30 (customer) and pension transfer specialist at their firm, while also acting as the director and having oversight for compliance functions. According to the FCA, t...
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