FCA warning for duo over 'seriously flawed' DB transfer model

Two warning notices have been issued to unnamed individuals

Hope Coumbe
clock • 1 min read

The Financial Conduct Authority (FCA) has issued warnings to two advisers who it says “recklessly designed a seriously flawed advice model” for defined benefit (DB) transfers.

The regulator today (21 February) published the warning notice from last July which detailed how the unnamed individuals had worked on the launch of the model with an unauthorised introducer. The FCA said the duo "failed to father sufficient information from clients, or take into account information on the onward investment scheme in order to provide suitable pension transfer advice". In addition, the regulator said the two advisers had failed to consider the risk that clients introduced to them through the investor would move out of their DB schemes into unsuitable alternatives. T...

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