FCA Vows Early Intervention Over Pension Transfer Harm
By Martin Croucher (October 14, 2021, 1:25 PM BST) -- The Financial Conduct Authority has said it will intervene if it sees retirement savers suffering harm from pension transfers, as the watchdog seeks to keep a closer watch on the market for financial advice after the British Steel Pensions Scheme scandal.
Sarah Pritchard, executive director for markets at the FCA, said that the watchdog will be more "assertive" in its supervision of the industry.
The City watchdog has taken a tougher line on defined benefit pension transfers, following criticism over the handling of the British Steel Pension Scheme case in 2017. Rogue advisers encouraged members of the "gold-plated" plan, which...
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