FCA to assess adviser role in pension 'liberation' transfers

FCA director of enforcement and financial crime Tracey McDermott said the involvement of regulated firms and individuals in a pensions transfer can "cloak a scheme with an unwarranted air of legitimacy". Pension liberation schemes purport to offer individuals access to their pension savings before the age of 55. However, the money is often re-invested in high-risk unregulated investment schemes, while early withdrawal of pension savings may incur a 70% tax charge. "One of the key things we are doing here is looking at the whole value chain - not just those promoting unauthorised busin...