The Financial Conduct Authority (FCA) has instructed wealth firm Tideway Investment Partners to undertake a past business review to determine if some clients were given unsuitable advice to transfer out of their defined benefit (DB) pensions.
The firm said it has notified professional indemnity insurers and instructed law firm TLT to conduct the review and engage with the FCA.
Any detriment?
It comes after the firm was stripped of its pension transfer advice authorisation by the FCA.
Within Tideway’s end of year financial statement published on 18 August 2020, the firm said: “Over the past eight years, the firm has provided advice to a number of clients who wished to transfer out of their defined benefit pension scheme.
“Tideway has been asked to undertake a past business review to ascertain if some clients have been given unsuitable advice resulting in detriment and financial loss for which, compensation may be due.
“During this time, the firm voluntarily agreed to cease giving transfer advice whilst the past business review is carried out.”
Cooperative
Tideway also received an asset retention requirement.
This requirement prevent firms from selling business assets, such as client books, without the regulator’s approval, effective from 13 October 2020.
The firm said in the statement filed on Companies House: “Tideway’s senior management is focussed on progressing the past business review as quickly as possible and has been fully open and cooperative with the FCA at all times.”
International Adviser has contacted Tideway for a further comment, but the firm did not reply in time for publication.
