Clients looking to transfer out of defined benefit (DB) pension schemes could struggle to find willing advisers and providers to facilitate the shift, leaving them at greater risk of falling victim to fraudsters, Neil MacGillivray has warned.
Speaking the the Henry Stewart retirement conference, the head of technical support at James Hay (pictured) said he was concerned clients who do not get what they want from their regulated financial adviser will be more likely to fall victim to fraudsters. "My biggest concern is that it [DB to DC transfers] is going to be open to fraudsters. This is scary because people who want legitimate advice might end up going to the wrong people." He said the second line of defence, placed on providers by the regulator to ensure people accessing their pension pot are not making poor choices, wou...
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