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Blog @ Claims

On the Assist.Claims Blog you'll find interesting articles about pensions and investments as well as news and links to other items we find on the internet concerning the financial claims industry. The government is constantly reviewing legislation on pensions, investments and mis-selling and financial institutions are under increasing pressure from financial regulators.
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FCA Review Says Less Than 50% of Defined Benefit Pension Scheme Transfer Advice Was Suitable

In a report, covered by Citywire today, it has emerged that a Financial Conduct Authority (FCA) review of Defined Benefit (DB) pension scheme transfer advice concluded that less than 50% of the decisions to transfer were suitable.

Three main flaws centre around the fact finding process used by advice firms. The FCA has found that firms:

  1. Failed to obtain enough information about Clients’ needs and their personal circumstances’.
  2. Failed to consider the needs of the client alongside the client’s objectives when making the recommendation.
  3. Failed to make an adequate assessment of the risk clients are willing and able to take in relation to pension benefits.

The Citywire report notes the FCA findings in particular where advice firms had "outsourced" the specialist pension transfer advice process.

 “This opened up the risk of consumers’ pension savings ending up in inappropriate or scam investments” - (Citywire 03/10/2017)

If you have been given advice in the past to transfer out of your pension scheme then we would be happy to help you to determine if you may be able to make a claim for compensation. Do please fill in our short contact form below to allow us to start looking at your circumstances.

Gary Naylor - Partner, Assist.Claims

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