UK. FCA investigates 30 pension advisers
The Financial Conduct Authority is currently investigating 30 unnamed individuals and firms for poor pension transfer advice and scams, according to Labour MP Nick Smith.
The information was revealed by Economic secretary to the Treasury John Glen, who responded to a letter from the Blaenau Gwent MP, who asked for information on what action the regulator has taken against rogue advisers.
Mr Glen also revealed that enforcement action has been taken against 15 businesses and individuals for “pensions misconduct” by the FCA in the last five years.
Mr Smith, who has asked the government to come up with new criminal charges for rogue advisers in the wake of the British Steel debacle, said the response from Treasury raised more questions than answers, and called for tougher action from the watchdog.
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