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New FCA webpage on reporting concerning pension transfer requests
United Kingdom | Publication | March 2023
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:
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.
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