£10m Gibraltar Qrops case gets green light for UK trial
62 investors allege they received ‘unsuitable’ pension transfer advice
Pension Transfers
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Trio banned over £44m pension transfer mis-selling scandal
Victims had their funds placed into high-risk investments based in Mauritius
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12% of Brits receive unsolicited pension transfer approach
‘Cost-of-living crisis might be a route in for scammers’
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Pension transfer values hit all time low
They have fallen 33% since December 2021
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DB transfers plunge 53% in three years
Drop is culmination of ‘limited availability and increased cost of advice’
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Redress solution for bad pension transfer advice likely to cause more problems
If enacted, the recommendations could put consumers in a worse tax position
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Over 90% of pension transfer requests flagged as scams – again
As transfer values fall below £200,000 for the first time since 2016 making the return of annuities more appealing
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Succession sets aside £10.4m for potential legacy DB liabilities
It is working closely with the FCA about pension transfer advice given by an acquired business
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Why advisers are being hit with pension transfer delays
It will continue to be a ‘frustrating period’ if a rules review is not complete by the summer of 2023
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Just 6% of pension transfers not flagged as scams
With overseas investments continuing to be the most common warning
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101 British Steel advice firms hit by emergency asset retention rules
UK regulator believes companies should be planning for a potential redress scheme
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Pension transfer business dries up amid interest rate hikes
Values have plummeted making retirees think twice about switching