Advisers who act as salesmen for financial firms should be banned from offering advice on defined benefit pension transfers.
The 24 April paper edition of the Sunday Times continues to follow the outrageous treatment of UKSA members Julie and Chris Thorpe.
The article by Ali Hussain reports on UKSA's call for a ban after an adviser changed a recommendation following the client's request to move her pension to a cheaper rival having no tied relationship with the adviser's firm.
Anyone wishing to transfer a defined benefit pension, which guarantees an income for life, is required to seek advice if their pot is deemed to be worth £30,000 or more.
See also UKSA’s letter to the FCA.
Ali's tweet, including his article, can be viewed below:
Tied advisers should be banned from providing final salary pensions transfer advice, the UK Shareholders' Association has said: pic.twitter.com/kgsrTMswLK
— Ali Hussain (@AlihussainST) April 25, 2022
