Pension firm attacks FCA DB transfer review

Financial Planning Today

Pension transfer specialist Tideway has claimed that UK workers could collectively be up to £25bn out of pocket if they are persuaded not to take advantage of final salary transfer offers by negative publicity on DB transfers.

City-based Tideway is concerned this is being driven by what it calls the FCA’s “negative stance” on DB transfers that “could also create adviser bias towards recommending consumers to stay in schemes”.

Responding to the FCA’s recent consultation paper on DB transfer advice, Tideway’s research counters the regulator’s assessment of potential consumer harm and negative stance on the benefits of DB transfers which Tideway argues ignores the “significant economic benefit brought to many consumers who transfer”.

Tideway Partner James Baxter said: “If you took 100 people with personal pension funds they had saved and accumulated through a long career and asked them if they would like to swap them for the equivalent defined benefits in the RBS scheme based on current transfer values, we don’t think you would have any takers, nor any advisers telling you to do it.”

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Financial Planning Today

12 November 2019

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Tideway Investment Group comprises the following entities: Tideway Investment Partners LLP; Tideway Wealth Management Limited and Tideway Asset Management Limited. Tideway Asset Management Limited and Tideway Wealth Management Limited are appointed representatives of Tideway Investment Partners LLP, which is authorised and regulated by the Financial Conduct Authority. FCA number: 496214.

Tideway Investment Partners LLP
107 Leadenhall Street
London EC3A 4AF

+44 (0)20 3143 6100
info@tidewayinvestment.co.uk

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© Tideway Investment Group 2020

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