Tim Sargisson: FCA must stop DB transfer history repeating

Time for strict limit on DB transfer advisers

clock • 4 min read

It is time to impose some "proper regulation" to stop another DB transfer advice disaster, writes Tim Sargisson. Regulators must act now to head unscrupulous advisers off at the pass

Those who do not learn history are doomed to repeat it The quote above is attributed to writer and philosopher George Santayana, and in its original form it read, "Those who cannot remember the past are condemned to repeat it." I was reminded of this aphorism when I saw the headlines about Rolls Royce and its defined benefit pensions scheme. Rolls-Royce claims it is dealing with a "very high number of transfer payment requests", with many requests arriving with missing information or poorly scanned and unreadable documents. The reason for this activity is because earlier this yea...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

FCA fines increase 230% in 2024 amid heightened crackdown on financial misconduct

FCA fines increase 230% in 2024 amid heightened crackdown on financial misconduct

27 enforcement actions taken

Cristian Angeloni
clock 15 January 2025 • 2 min read
Financial Ombudsman rules against M&G Wealth Advice in mis-selling complaint

Financial Ombudsman rules against M&G Wealth Advice in mis-selling complaint

Retired couple awarded compensation after losing £12,000

Sahar Nazir
clock 15 January 2025 • 2 min read
Brown Advisory changes leadership structure with co-CEO appointment

Brown Advisory changes leadership structure with co-CEO appointment

Logie Fitzwilliams promoted

Beth Brearley
clock 14 January 2025 • 1 min read