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Too many Financial Planners are relying on averages for their retirement income planning process, according to DFM Hymans Robertson Investment Services.

The FCA has issued a warning notice to a pension adviser it has branded “reckless” after they gave unsuitable advice to customers to transfer out of their DB scheme over a four year period.

The FCA is cracking down on the practice of so-called ‘double-dipping’ by investment platforms and SIPP operators whereby they keep interest on customers’ cash balances and charge them a fee for doing so.

The FCA is planning to open the door to millions of consumers receiving ‘financial guidance’ on their personal finances which stops short of regulated financial advice.

Proposals from the FCA would require investment advisers to set aside a minimum of 28% of potential liabilities in advance to compensate investors if bad advice is given.

The FCA has secured a Restraint Order under the Proceeds of Crime Act 2002 against collapsed Newcastle-based wealth manager WealthTek, a parent company to a SSAS and SIPP investments provider. 

There was a near 10,000 rise in the number of complaints about SIPPs and non-workplace pensions in the first half of 2023, according to the latest FCA Complaints Data report.

Liverpool wealth manager Blankstone Sington (FRN 143694) has gone into special administration following a company-requested court order under the Investment Bank Special Administration Regulations 2011.

Wellington Court Financial Services Limited, which was declared in default by the FSCS in June, has had its temporary permissions revoked by the FCA.

Swansea Financial adviser Simon Hughes has been banned by the FCA and made to pay £158,600 redress for “negligent” pension advice which has led to £8m compensation being paid to his BSPS member clients.

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