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.