Abstract
The issue of pension transfers, which has leapt into prominence in recent months, raises complex and novel issues, albeit in relation to alleged breaches of long established rules. A pilot study of one aspect of pension transfer sales commissioned by Securities & Investments Board (SIB) has identified significant concerns over the quality of advice given, which in turn raises the possibility that a number of investors may have been disadvantaged, although this cannot be determined from study of the files alone. The apparently widescale breaches, and the potential magnitude of compensation that may be required, are a major concern for a number of product companies and Independent Financial Advisers (IFAs) and this situation is being monitored by the Department of Trade and Industry (DTI). This paper aims to provide an overview of the issues and to suggest some steps that affected firms may consider taking.
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