The FCA has banned four financial advisers, three provisionally, over “reckless” pension transfer advice which has so far cost £13.4m in compensation payments.
The Financial Services Compensation Scheme has declared BSPS-linked adviser firm Mark Peter Houlbrook (FRN: 498168) in default over pension transfer advice, opening the door to compensation for ex-clients with valid claims.
The number of defined benefit pension transfers in July surged to the highest level since August 2023.
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