FCA publishes webpage encouraging pension schemes and trustees to report concerning pension transfer requests

On 17th February, the FCA published a new webpage asking pension schemes and trustees to report concerning pension transfer requests. 

The FCA would like to know about:

• individuals who provide unauthorised advice on pension transfers;
• increases in the volume of transfers advised by the same adviser;
• if a member requested a transfer following a cold call or unsolicited contact;
• if the member has been offered an incentive to make a transfer;
• if the scheme has high risk or unregulated investments;
• if the scheme charges are unclear or high;
• if the scheme’s investment structure is unclear, complex or unorthodox;
• potential scam activity.

For the two items in bold above, the FCA also sets out a list of "helpful things to consider" when deciding to make a report.  The FCA also refers schemes / trustees to the Pension Regulator's guidance on specific checks when dealing with pensions transfer requests. 

The webpage also contains dedicated email addresses to which schemes / trustees should make their reports. 

"We want to hear from pension schemes or trustees who have carried out checks and have serious concerns about a pension transfer."

https://www.fca.org.uk/firms/defined-benefit-pension-transfers/reporting-transfer-requests