Around £50m paid out by the FSCS over failed pension transfers.
Three companies have been given penalties and public censures for their involvement in pension transfer advice which resulted in over 2000 customers around £76m of their pensions into high risk investments which subsequently failed.
The firms are Bank House Investment Management Limited, Financial Page Ltd & Henderson Carter Associates Limited.
The firms have admitted outsourcing parts of the process to unregulated companies and that they had limited involvement with the service provided to their customers.
There has been evidence to show that cold calling was used by the outsourced parts of the process and that the three companies made no effort to check cold calling was not taking place.
Two of the three firms (Financial Page & Henderson Carter Associates) are now in liquidation but the fines would have been issued if their financial circumstances allowed it.
Bank House Investment Management Limited are challenging their fine at tribunal.
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Information in this article was sourced from https://www.ftadviser.com/regulation/2019/05/09/fscs-pays-out-48-9m-over-failed-pension-transfers/?utm_campaign=FTAdviser+news&utm_source=emailCampaign&utm_medium=email&utm_content=