Shocking FCA findings – consumers may have no protection from poor advice in pension transfers
Shocking FCA findings that many advice firms had no professional indemnity cover, leaving customers unprotected against mis-selling. Waiting till October 2020 to ban Contingent Charging, downplayed customer protection and put consumers at greater risk. The ban was needed long ago, as it was obvious that advisers who only get paid if they advise customers to transfer, can be biased towards advice to transfer even if unsuitable. The FCA has just released updated data about Defined Benefit pension transfers from 2018…