28
th May 2021 11:37 am
An IFA who received poor defined benefit (DB) transfer advice could receive up to £160,000 in compensation.
An upheld Financial Ombudsman Service ruling gives insight into how tougher DB transfer rules are influencing the settlement of claims.
Mr R complained about advice from Hunter & Co (IFA) Limited in 2016 to transfer his company pension scheme to a Sipp.
The money was then put into a discretionary fund manager (DFM) that he wanted to take out several years later.
The value of Mr R’s benefits in his former employer’s scheme was £857,640.52 and he also had a personal pension valued at around £26,000.
Eight million targeted by pension scammers in fraud epidemic
Number of attempts to steal savings is spiralling as tricksters prey on the vulnerable
Scammers are increasingly used websites to lure unsuspecting victims
Credit: Jake Hawkins/TMG
Almost eight million people in Britain have been targeted by fraudsters attempting to trick innocent pension savers out of their life savings.
The number of pension scams has rocketed during the pandemic and it has quickly become one of the most common types of fraud. The number of reported crimes has jumped 45pc this year compared with 2020, according to Action Fraud, the national reporting centre.
FSCS declares two British Steel adviser firms in default
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Nine adviser firms in total
The Financial Services Compensation Scheme (FSCS) has declared nine financial advice firms in default in March, two of which advised on British Steel transfers.
Between 1 and 31 March, the lifeboat fund declared a total of 11 firms in default, nine of which were financial advice firms.
19
th April 2021 3:06 pm
Employers that push staff into making unsuitable defined benefit transfers should beware the “FCA’s gaze”, a director at the regulator warns.
Speaking at a webinar hosted by consultants Lane Clark and Peacock, FCA director of markets and wholesale policy Edwin Schooling Latter gave an update on how the watchdog views transfers.
In his remarks he touched on recently published guidance about the responsibilities facing employers and trustees.
The joint guidance from the Pensions Regulator and FCA was published in March 2021 with a focus on what trustees can do to help members without straying into advice or arranging investments.