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The chair with the Get the job done and Pensions Committee explained in the December 15 letter into the FCA the regulator had Earlier acknowledged many firms had been the concentrate on of “ongoing supervisory action” for providing potentially unsuitable pension transfer assistance to scheme customers.
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A spokesman for the FCA confirmed that the regulator had gained the letter and said that it would be responding in the coming days.
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Discipline mentioned that transferring from described gain pension strategies such as the British Steel Pension Plan was “commonly a horrible concept” and corporations “routinely advising persons” to do so should be promptly “shut out” from producing such suggestions to employees.
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“I continue to be anxious that its General tactic has been grossly inadequate,” Discipline reported in a statement Monday. “The FCA is actually a shopper security body. It would behoove them to stop pussy-footing about and start defending customers.”
A brewing crisis above tips made available to customers with the British Steel Pension Plan has induced urgent talks involving the regulator and associates with the U.K. parliament.