The Financial Conduct Authority (FCA) is alerting the public to be wary of offers of free pension reviews, pointing out few firms offering the service are regulated.
The FCA said it has evidence of people being contacted "out of the blue" offering free reviews, usually in the form of phone calls, emails, text messages or online adverts. Most of the companies making the offers are not authorised by the regulator, though may falsely claim they are acting on its behalf. The FCA said the reviews are designed to persuade savers to move money from an existing personal or occupational pension to a self-invested personal pension or small self-administered scheme. The pension pot is then typically invested in unregulated investments like overseas proper...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
