FCA pressured to act on overseas pension transfers

"This allows us to present the client with a solid, independent report in a cost effective manner. Of course, the fees are fully disclosed to the client in advance. Clients understand that the value of these reports and are, typically, happy to pay the fee.  

"However, there is also an argument that the government should adapt the transfer process and allow local advice to be given for QROPS.  Proponents of this insist that a local adviser would be typically better placed to advise on the regulatory conditions, tax implications and the available investment opportunities.

"In addition, should the rule be adapted only one financial adviser would be required, which would be less costly and less time consuming for the client."

A spokesman for the FCA declined to comment on whether the regulator would take action beyond issuing last week's warning.