Two UK IFA firms fail
With the FSCS receiving claims related to pension advice transfers for both
Pension Transfers
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IFA banned over ‘unsuitable’ DB pension transfer advice
He has been told to pay £850,000 to the FSCS to compensate customers
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DB transfer values fall to lowest month-end level for 7 years
93% of cases raised at least one scam warning flag in May
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Another IFA banned from providing advice on pension transfers
FCA has also prohibited him from holding any senior management function in a regulated firm
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FCA carries out 30 investigations over British Steel DB transfer advice
Regulator is making final decisions on ‘what sanctions are appropriate where we have found misconduct’
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Just 1% of completed pension transfers had red or amber flags
DWP review also finds ‘overseas investment amber flag needs to be more clearly defined or removed’
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Ex-TPR director calls for change in DB transfer advice rules
David Fairs wants a ‘much smoother process’
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UK-based IFA firm fails
As lifeboat scheme investigates advice company with links to British Steel Pension Scheme
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12% fall in pension transfer activity
It has decreased to its lowest level in nine months
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Just 23% of IFAs offer DB pension transfer advice
‘It’s hard to predict what the position will be five years from now’
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Third IFA firm reprimanded over unsolicited offers to ex-BSPS members
As FCA sends ‘Dear CEO’ letter about companies using online portals of third-party actuarial providers to calculate redress
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Quilter subsidiary escapes fine over DB pension transfer advice
Following an investigation by the UK financial watchdog