Pension transfer scrutiny
The financial watchdog has had its sights on the pension transfer industry for a while, with the steps taken against Intelligent Pensions a clear indicator that its investigations are continuing.
The FCA issued a stark warning to pension transfer firms in January, expressing concern that consumers were “at risk of transferring into unsuitable investments or, worse, being scammed”.
It’s not just the UK regulator that has concerns about pension transfers.
In January, the Isle of Man Financial Services Authority (IoMFSA) advised residents to tread carefully when making decisions about transferring or investing their pensions, following a rise in scams in the UK.
