Selectapension DB transfer arm in liquidation

Selectapension DB transfer arm in liquidation

Selectapension’s defined benefit transfer arm has entered into liquidation following its decision to stop all DB pension transfer business 18 months ago.

According to an update on The Gazette, Selectapension Bureau Services went into liquidation last October with Mark Newman and Vincent John Green of Crowe U.K. LLP appointed as joint liquidators.

In July 2017 Selectapension announced it had suspended all defined benefit pension transfer business due to "unprecedented demand" and in a later statement advised it did not intend to resume business until 2018.

The firm provides report writing and financial advice services for pension transfer analyses.

At the time the company revealed it had undergone a review by the regulator of its outsourcing advice partner, CFPML.

In November 2017 Selectapension confirmed CFP Management Limited, had quit the defined benefit market, following the audit in which the regulator had recommended several changes to the company's processes. 

In December last year the FCA said it was "very concerned" that too many firms were not consistently providing suitable advice on pension transfers, after finding less than 50 per cent of the advice it had reviewed was suitable.

The FCA said it was disappointed by the number of firms that had not taken effective action to address the issues identified, despite the fact they should have been aware of the regulator's concerns.