The Financial Conduct Authority is concerned that financial advisers are recommending pension transfers that may not be in the individual’s best interest.
As part of a review of defined benefit pension transfers, the regulator has found that recommendations to transfer were inappropriate in more than half of the cases it examined.
Over the past 12 months, the FCA says the number of people seeking to transfer out of defined benefit pension schemes – which pay a guaranteed income for life related to salary – has soared.Scheme members are being drawn by high transfer values and the ability to spend their cashed […]
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