Employee benefits firm Mattioli Woods has suspended its pension transfer advice service amid a Financial Conduct Authority (FCA) review of its work in the area.
In an update published today, 4 June 2018, the group said they have been in dialogue with the FCA, following the regulator's ongoing October 2015 review of the advice being provided on transfers from defined benefit to defined contribution schemes.
Since the introduction of pension freedoms in 2015 the number of people transferring from a DB scheme to a DC scheme has soared, with approximately 100,000 members, with an value of £14.3bn, transferring out of their DB schemes between 1 April 2017 and 31 March 2018.
In a statement Mattioli Woods said: “The group has been in dialogue with the FCA during the review and, in the context of that dialogue, the group is currently undertaking a full review of its work in this area. While this review is in progress the group has taken the decision to cease providing advice in relation to the transfer of safeguarded benefits.”
According to the group, the suspension of service offering is not expected to affect its financial performance, with transfer advice contributing to 1.6 per cent of the firm’s direct revenues.
In April, the FCA reiterated its warnings over “unsuitable pensions advice”, naming it as a “key activity” area in its 2018/19 business plan.
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