On February 16, 2023, the FCA launched a new webpage encouraging pension schemes and trustees to report to the FCA if, having carried out checks, they have serious concerns about a pension transfer.

The FCA wants to know about the following:
  • Individuals who provide unauthorised advice on pension transfers.
  • Increases in the volume of transfers advised by the same adviser.
  • If a member requested a transfer following a cold call or unsolicited contact, or a member has been offered an incentive to make a transfer.
  • If a scheme has high risk or unregulated investments, its charges are unclear or high, or its investment structure is unclear, complex or unorthodox.
  • Potential scam activity.

The webpage also details issues for trustees to consider where a member may have received unauthorised advice. Once trustees have identified their concerns, the FCA sets out the information which should be provided and the reporting process.



Contacts

Partner
Partner

Recent publications

Subscribe and stay up to date with the latest legal news, information and events . . .