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Several advice firms are braced for FCA punishments after consumers were advised to switch their mainstream personal pensions into Sipps through ‘improper delegation’ to unauthorised firms.
A leading pensions expert says the number of people found to be facing exit charges in a major FCA study is ‘significant’ - despite being lower than many might have expected.
Nearly a third of firms have told the FCA they always refuse transfers from insistent clients.
A director at Mattioli Woods has confirmed his firm is holding talks with troubled Sipp providers and the FCA to look at possible solutions ahead of the revamped capital adequacy rules taking effect next year.
Fines worth just under £170,000 were handed out to firms for auto-enrolment failings in the 12 months from April 2014.
Rule changes to make advising on the transfer of safeguarded pension benefits into flexible benefits a regulated activity could lead to further up skilling in the industry, a pensions expert believes.
The Financial Conduct Authority is proposing a pensions dashboard allowing consumers to see all their pension pots in one place, following a study on retirement income it carried out last year.
Retirement planning advisers have told how regulation is their overriding fear in the wake of RDR.
The Pensions Regulator has appointed Stephen Soper as interim chief executive.
Pension specialist London & Colonial has expressed concern that some advisers may continue to promote questionable esoteric and overseas property developments.
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