Birmingham-based BlueSky Wealth Management Ltd (FRN: 446963) has failed, opening the door to claims against the firm through the Financial Services Compensation Scheme (FSCS).
It is now two years since new pension transfer regulations were brought in to help the fight against fraudsters. The new rules give pension scheme trustees the power to stop transfers if they think the member is at risk of being scammed.
The Financial Services Compensation Scheme has so far paid out just over £9.7m on 234 successful claims against failed firm Portal Financial Services LLP, formerly Portafina LLP (FRN 501272).
DB transfer values have fallen by a third since June 2018, according to the latest data from XPS’s Transfer Value Index.
In a new monthly column for SIPPs Professional, SIPP expert James Jones-Tinsley reviews the latest changes in the pension transfer market.
The Financial Conduct Authority has banned Darren Reynolds and Andrew Deeney of Active Wealth Limited for dishonest pension transfer advice.
The FCA has banned financial advisers Keith Dickinson and Andrew Allen for British Steel Pension Scheme transfer advice failings and ordered them to pay £155,000 in compensation.
The Financial Conduct Authority plans to fine company directors Toni Fox £681,536 and David Price £632,594 over their roles in £392m of mostly "flawed" pensions transfers.
The FCA has issued new guidance to advisers on giving pension transfer advice to vulnerable clients.
Pension transfer activity has continued its downward decline, hitting a five year low in July and dropping to half the level seen a year earlier.