Scam warnings
As International Adviser reported in January, the UK’s Financial Conduct Authority (FCA) is investigating overseas pension transfers as part of a move to tackle widespread investment fraud.
The regulator also issued a separate stark warning to firms advising on domestic and international pension transfers after reports that some clients are being scammed or their funds transferred into unsuitable investments.
A rise in UK scams has also seen financial regulators in Jersey, Guernsey, and the Isle of Man all issuing warnings to residents to tread carefully when transferring or investing their pensions.
Pension transfers
Action by the UK financial regulator saw international advisory firm deVere UK ordered to stop providing overseas pension reports earlier this month.
The FCA ordered the firm to “immediately cease” providing third party companies with transfer value analysis (TVAS) reports that enable defined benefit schemes to be transferred to an “alternative arrangement”.
DeVere UK was issued with a section 166 or ‘skilled person review’ that allows a third party to look into a firm’s regulated activities.
