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FCA warns advisers over pension transfers


The Financial Conduct Authority has warned financial advisers that they must do more to stop consumers being harmed by unsuitable advice, investment scams and excessive fees. In a ‘Dear CEO’ letter to advisers published yesterday, the regulator said it was seeing an increasing number of cases where the actions of firms were resulting in “significant harm to consumers’ financial well-being”. The FCA highlighted the failure of advisers to reduce the number of people being persuaded to transfer out of valuable defined-benefit pension plans. “We remain concerned firms are recommending large numbers of consumers transfer out of their DB pension schemes despite our stance that transfers are likely to be unsuitable for most clients,” it said. Tom McPhail, of Hargreaves Lansdown, said the FCA is “sensitive” over the issue of DB transfers following questions around its "regulatory shortcomings" in this area.

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