Fears FSA may scare IFAs away from pension transfers

Following the FSA's review of pension switching advice in December last year, there are concerns IFA firms will increasingly bring in third party specialists to deal with pension transfer business rather than offering advice themselves. The FSA reviewed pension transfer business due to fears some switches were being made unnecessarily. It found a number of clients were transferred into a SIPP or personal pension without advisers providing justification for the additional costs incurred. To ensure advisers were compliant with switching requirements, it said the cost involved in a transfe...