On 17th February, the FCA published a new webpage asking pension schemes and trustees to report concerning pension transfer requests.
The FCA would like to know about:
- individuals who provide unauthorised advice on pension transfers;
- increases in the volume of transfers advised by the same adviser;
- if a member requested a transfer following a cold call or unsolicited contact;
- if the member has been offered an incentive to make a transfer;
- if the scheme has high risk or unregulated investments;
- if the scheme charges are unclear or high;
- if the scheme’s investment structure is unclear, complex or unorthodox;
- potential scam activity.
For the two items in bold above, the FCA also sets out a list of "helpful things to consider" when deciding to make a report. The FCA also refers schemes / trustees to the Pension Regulator's guidance on specific checks when dealing with pensions transfer requests.
The webpage also contains dedicated email addresses to which schemes / trustees should make their reports.
"We want to hear from pension schemes or trustees who have carried out checks and have serious concerns about a pension transfer."