As a result, warned Lean, it has the “potential of being the next big mis-selling scandal”.
White highlighted incidents where Rops were being “sold to people who are working outside of the UK on short-term contracts and are likely to move back to the UK before retiring. In many cases, they should never have moved their pensions out of the UK.”
Davies called on the FCA to conduct a thematic review into UK advisers active in this space, concluding that the “consumer must come first”.
He said: “The writing is on the wall. A UK adviser with quality systems and controls must take the rap if the advice to transfer is wrong.”
