The Financial Services Authority has uncovered inconsistent levels of advice given to members switching into personal pensions or self-invested personal pensions from existing arrangements.
The watchdog is planning to take action to improve the quality of advice following the review which discovered variable standards across a sample of 30 firms. And it said several firms will be subject to enforcement investigation as a result of "significant failings" identified. Some 500 cases where a member moved into a personal pension or a SIPP since the A-Day pension tax regime changes in April 2006 were investigated. Unsuitable advice was found in 16pc of the cases. However, this was unevenly spread across the firms reviewed. The FSA said some were giving suitable advice consiste...
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