Firm's DB transfer Facebook ads 'fly in face' of FCA concerns

'Taking advantage of behavioural bias'

Hannah Godfrey
clock • 3 min read

An advice firm placing defined benefit (DB) transfer adverts on Facebook is accentuating clients' inherent biases towards a large transfer value and goes against what the regulator expects, according to ex-FCA technical specialist Rory Pervical.

Smarter Advice, a trading name of Peterborough-based advice firm Tuto Money, has been advertising its DB transfer service on social media through Facebook since July this year. The adverts click through to the firm's website, the homepage of which offers to find a DB transfer value for free, and says it will only charge clients if they decide to go through with the transfer. The Smarter Advice website reads: "Do you know the cash value of your company pension? Most people are surprised how high the cash transfer value can be for their company pensions, ‘a recent client with a £9,205 a...

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