As a result about 8,000 members transferred out of the old scheme, with transfers collectively worth about £2.8bn.
But concerns about the suitability of the transfers were soon raised, leading to an intervention from the FCA that resulted in 10 companies – key players in the debacle – stopping their transfer advice service.
Some of these companies regained their permissions some months later, but others, such as Active Wealth, went into liquidation, and claims against it have already arrived at the Financial Services Compensation Scheme.
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