FSA delivers pension switching advice results

Monday, April 12th 2010

A number of pension holders could be in for some money after the Financial Services Authority (FSA) revealed more than £150 million will be delivered in redress.

Customers who have sought pension switching advice may not always have received the best information and the FSA seeks to improve the quality of this guidance.

While many firms have taken onboard FSA advice, there are still some that do not offer suitable suggestions for their customers.

And 22 firms were assessed by the organisation because they were found to be the most likely to offer poor advice.

Director of conduct risk at the FSA Dan Waters explained that more than ten per cent of all pension switching advice over the past four years will be reassessed.

"We remain concerned that some continue to give poor advice. Ignorance is no defence and we will continue to focus on the high risk firms through intensive supervision," he added.

The body explains there are more than 4,500 firms in the pension switching advice market in the UK.