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The FCA has fined a compliance oversight officer for pension transfer failings after about 500 customers with pensions worth £12.7million were advised to move from a DB to DC scheme.
The Chartered Insurance Institute is preparing the launch of a new pension transfers qualification following FCA plans to tighten the advice requirements for the transfer of safeguarded benefits.
Nearly 3,600 consumers have been compensated for wrongly being advised to switch savings into ‘risky’ assets within SIPPs – at a cost of £105m.
Platform and Sipp provider AJ Bell has appointed as its new technical director a man who has previously “locked horns” with chief executive Andy Bell over technical issues.
Taylor Patterson has promoted two members of staff within its SIPP and SSAS pensions’ team.