FSA report raises concerns over pension switching advice

| April 9, 2010 | 0 Comments
FSA report raises concerns over pension switching advice

The Financial Services Authority (FSA) has today found that poor advice is still being given to people switching pension funds.

The findings come after a major review of the sector conducted by the FSA in 2008.

The City Watchdog has raised concerns about the advice being given and, as a result, is to take enforcement action against six firms.

Many consider switching their pensions in order to receive a bigger pension pay-out if they moved their existing privately held funds to a different scheme.

According to the FSA, some customers may be eligible for more than £150 million in compensation for bad advice.

Dan Waters of the FSA comments: “Although many firms have changed the way they operate, we remain concerned that some continue to give poor advice.

“Ignorance is no defence and we will continue to focus on the high risk firms through intensive supervision.

“We will not hesitate to take tough action against any firms that fall below our standards,” he added.

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