FCA bans five more firms from pension transfers

Another five firms entered into voluntary agreements with the Financial Conduct Authority to stop carrying out pension transfers in the first half of this year.

This has brought the total number of firms which the FCA has taken this action against to 21 in the past 18 months.

According to data released under freedom of information rules, the FCA entered into voluntary agreements with three advice firms, banning them from providing advice on pension transfers from defined benefit pension schemes, which have generous terms and provide an income for life, to defined contribution schemes, which have no such protections.

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