Why is a Pension Transfer Gold Standard Needed
Published / Last Updated on 07/06/2019
Huge pension transfer mis-selling advice scandals in the past mean't that the financial regulator set up new rules for financial advisers:
- Transfer Value Analysis
- Specialist Pension Qualifications
- Special Permission from the FCA as a Pension Transfer and Opt Outs Advice
This worked well for many years but sadly went wrong around 2 years ago:
Cowboy/rogue financial advisers created another mis-selling scandal for British Steel Workers meaning:
Even higher levels of scrutiny for the "good" advisers to protect consumers.
Massive increases in professional indemnity insurance premiums and excesses for financial advisers.
The financial advisers professional body, The Personal Financial Society (part of the Chartered Insurance Institute), launches a Gold Standard to try and put confidence back into the market, increasing financial adviser standards as well as raising public awareness of the serious nature of pension transfers for defined benefit pensions and safeguarded rights.
