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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.
A pensions business is immediately halting advice on DB pensions transfers, following discussions with the regulator.
Inspectors from the The Pensions Regulator have been sent to visit businesses in the Greater Manchester area as part of investigations into compliance.
An executive director at The Pensions Regulator has called for pension transfers to SSAS to be banned.
The FCA’s chief executive has warned some pension providers they must take action quickly after the regulator found customers were still at risk of high costs and charges.
An adviser is set to be banned and fined over 'unsuitable' advice related to switching pension funds via Sipps into unregulated investments.
In six months’ time, April 2017, all Sipp providers will need to have changed their illustration systems so that they show the margin they retain on cash holdings, writes Elaine Turtle, director of DP Pensions.
The pension freedom reforms are a “potential trigger for future mass mis-selling”, MPs have warned.
A Sipp expert has questioned whether the FCA has the resources to police the new capital adequacy rules taking effect in September and what punishments firms failing to meet the requirements will face.
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