FCA warning to industry
The UK regulator issued a stark warning to firms advising on domestic and international pension transfers in January 2017.
Firms were put on notice after reports that some clients are being scammed and their funds transferred into unsuitable investments.
In March, the FCA set out a plan to give better redress to those clients who were given unsuitable advice to transfer out of a defined benefit (DB) pension scheme.
The FCA estimated that firms received between 2,700 and 8,000 pension transfer complaints each year, and that under the current redress methodology the average redress is approximately £20,000 ($24,912, €23,365) to £60,000 per complaint.
