UK regulator fires warning shot at pension transfer firms
The Financial Conduct Authority (FCA) has issued a 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.
In a statement on Tuesday, the UK regulator said: "We are aware that some firms have been advising on pension transfers or switches without considering the assets in which their client's funds will be invested. "We are concerned that consumers receiving this advice are at risk of transferring into unsuitable investments or, worse, being scammed." Please link to International Adviser to read the full article by Kirsten Hastings.