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pension transfers

The number of annual pension transfers has risen 64% since 2018, according to a new report.

The Financial Services Compensation Scheme has declared two advice firms in default with over 88 pension transfer claims between them.

It’s been eight months since the DWP made changes to the statutory right to transfer. Over that time the number of transfers being held up by the new anti-scam measures appears to have steadily increased.

Glasgow-based IFA Cowley & Miller Independent Financial Services Limited has failed after the firm was hit with 34 claims from clients, most related to pension transfers.

The Pension Regulator (TPR) and DWP have amended guidance on tough pension transfer regulations introduced in November last year.

The Financial Services Compensation scheme is investigating Wellington Court Financial Services Ltd over the transfer of client pensions into a SIPP.

A record high 78% of pension transfers raised at least one warning sign of potential scam activity in April.

Amber flags are being raised on potentially low-risk pension transfers due to a ‘weakness’ relating to overseas investments in the new rules, according to a new report.

The FCA has relaunched its pension transfer ‘advice checker’ tool for consumers to help them assess whether they have received unsuitable advice.

Seven in ten pension transfer requests made in March showed indicators according to the XPS Pension Scam Flag Index.

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