FSA raising pension switching concerns

The Financial Services Authority (FSA) has raised concerns that some businesses are still failing to meet pension switching standards.

It has today (April 9th) published the results of recent work it has been carrying out in order to improve this aspect of the financial sector and noted that while many companies have recorded significant improvements, some are still falling short.

’Although many firms have changed the way they operate, we remain concerned that some continue to give poor advice,’ remarked director of conduct risk at the FSA Dan Waters.

The body also revealed over £150 million in redress has been given to customers as the result of organisations reviewing their past business, news that may be welcomed by those who have invested a portion of their personal wealth in pensions.

Earlier this week, the Confederation of British Industry called for alterations to the present public sector pensions model, arguing a more affordable alternative needs to be used.ADNFCR-2318-ID-19712657-ADNFCR