SIPP provider Hazell Carr has called for the FSA to rule against pension transfers from final salary schemes on a direct offer or execution-only basis.
The pensions and financial services firm has deemed such transfers inappropriate and has predicted a SIPP mis-selling scandal if the FSA does not take action. Carr welcomed the clarification provided by the Financial Advisers Newsletter (No 11) published in November relating to pension transfers from final salary arrangements. David Carr, chief executive of Hazell Carr, commented: "Whilst we agree with the requirements around pension transfer specialists, we do not believe that the requirements for direct offer business go far enough. "No right-minded person would seek to transfer fro...
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