A retired couple in their 70s face a massive tax interest bill dater moving their retirement funds offshore to get around UK pension rules, the Daily Mail reports.
The High Court has blocked three pension ‘unlocking' companies moving more than £1m worth of assets abroad over fears pensioners could lose their money in the risky schemes.
The Financial Services Authority has fined Braemar Financial Planning £182,000 for systemic failings in its sales process for pensions unlocking.
IFA firm Read Independent Financial Advisers Limited has been fined £150,000 by the Financial Services Authority for what it calls "serious defects in its sales process" and other handling aspects pension unlocking cases.