Financial Conduct Authority  

FCA has 50 open investigations into pensions advice

But James Murray warned the increased enforcement in this area could be to the detriment of many legitimate transfers.

He said: “The majority of our clients are wealthy individuals, who have substantial assets outside their DB, and in many instances it makes complete sense for them to complete a transfer. 

“However, they have to go through an extremely lengthy and costly process as they are treated as the same as the lowest common denominator of people who are trying to complete pension transfers when it is not suitable for them.

“The TPR and FCA has a job to do though, and we welcome their increased scrutiny of unsuitable transfers.”

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