Many advisers are failing to provide pension transfer advice of an "acceptable standard" says the FCA which is to scrutinise the harm to consumers from advisers who levy ‘excessive fees and charges.’
Andrew Bailey has been confirmed today as the new Governor of the Bank of England after three years as chief executive of the Financial Conduct Authority.
The FCA is to introduce a new form for MIFID II-regulated firms requiring them to provide more detailed information on director changes.
Pension transfer specialist Tideway has claimed that UK workers could collectively be up to £25bn out of pocket if they are persuaded not to take advantage of final salary transfer offers by negative publicity on DB transfers.
Trade association PIMFA, which represents 1,000 investment managers and financial advisers, has called on the FCA to “raise the bar” instead of banning contingent charging.
Fraudsters are using the details of an authorised passported asset manger, the FCA has warned.
The FCA has started proceedings against Park First Limited, its senior managers, including its chief executive officer and a number of other companies connected to the Park First group.
The number of customer complaints made to the Financial Ombudsman Service (FOS) relating to defined benefit transfers rose by 44% in 2018/19.
The Personal Finance Society (PFS) has branded the findings of an FCA survey, released yesterday, which showed nearly 50% of pension savers accessed their pension pots in the past 12 months without taking any regulated advice or guidance, “alarming”.
The FCA's latest Retirement Income study, published today, has revealed that nearly half of pension savers have accessed their pension pots in the past year without taking regulated advice or guidance.
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