FCA asks for information on concerning pension transfer requests

FCA has asked pension schemes or trustees to report to them instances when they have had concerns about or have refused a pension transfer. It is seeking information on:

  • individuals who provide unauthorised advice on pension transfers
  • increases in volumes of transfers advised by the same adviser
  • if a member requested a transfer following unsolicited contact
  • if a member has been offered an incentive to make a transfer
  • if the scheme has high risk or unregulated investments
  • if the scheme charges are unclear or high
  • if the scheme’s investment structure is unclear, complex or unorthodox or
  • if there is potential scam activity

FCA gives some examples of behaviour that concern it, and provides email addresses to which reports should be made.

Emma Radmore