In the wake of the pension transfer scandal at Tata Steel, where some FCA regulated advisers gave poor advice to steelworkers, the damage to the profession has been frustrating for firms like FMB who abide by an ethical code which puts clients first. The Personal Finance Society (the financial advice arm of the Chartered Insurance Institute) has been working with its members to find a way to enable consumers to choose the right firm to help them with advice about their defined benefit pension scheme.
We are delighted to announce that after submitting our processes, due diligence, and personnel details to the PFS we have been accepted into the Pension Transfer Gold Standard scheme. This is a list of Financial Planners and Advisers around the UK who have shown their excellence in the area of Defined Benefit Pension Transfers and can be trusted to work in the best interests of consumers.
With a number of big employers in the area who have historically run defined benefit schemes, people may have heard through "Canteen Culture" that some big pots have been transferred out. If this is something you are considering please think about getting advice from more than one source. Once a pension pot has been transferred there is no cooling off period. The transfer cannot be reversed. We are always happy to talk to consumers who are contemplating this decision, which will have a massive impact on their future financial well-being, and guide them toward the right course of action.