Pensions Co. To Liquidate After Failing To Vet Introducers
By Najiyya Budaly (August 25, 2021, 12:34 PM BST) -- An operator providing self-invested personal pensions has been forced into liquidation to meet expected complaints from customers after the Financial Conduct Authority found that it had accepted business from unauthorized introducers without vetting them.
DAC Pensions Ltd. failed to carry out proper due diligence checks on two so-called introducer firms based in the European Economic Area before accepting business from them, the City watchdog said in a supervisory notice published on Tuesday. This meant that the company did not know that the firms, known only as introducers 1 and 2, did not have permission to provide pension advice in Britain....
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