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Another firm suspends DB transfer advice

Another pension transfer specialist has closed to new business as FCA scrutiny over defined benefit transfer advice continues to bite.

Kent-based Heather Dunne IFA, a specialist pension transfer support provider for advisers, has suspended its operations.

The company website says it is currently reviewing its terms and processes.

The website reads: “Please note – HDIFA is not currently taking on new cases while we revise our terms and processes. We will be updating all existing introducers once these changes have been completed. We apologise for the inconvenience caused.”

The firm is an appointed representative of Financial Solutions Midhurst, a West Sussex based firm.

A note on the FCA register says Financial Solutions has agreed to “immediately cease to provide advice in relation to the transfer, or conversion, of safeguarded benefits under a pension scheme to flexible benefit.”

Financial Solutions director Richard Fenech says the agreement with the regulator was voluntary.

The FCA is understood to be concerned that HDC, a company controlled by Dunne and responsible for carrying out transfer value analysis was not an authorised firm, but was involved in the transfer process.

Fenech added once this company had been removed from the process, business could resume “in a matter of days.”

Introducing advisers working with HDIFA can get a transfer value analysis and initial report through to a client agreement and suitability report. HDIFA then submits transfer documents to the new scheme.

HDIFA’s website says: “Other firms offer these services, but we believe the difference is we look at the individual circumstances of each case to enable us to make a positive recommendation in accordance with regulatory requirements. We look for a reason to transfer, rather than a reason not to.”

HDIFA was unavailable for comment.


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Never before has the need for clarity in investments been as important than it is these days. A huge wall of money is being transferred from defined benefit pension schemes looking for place to be invested in drawdown investments. With the FCA removing the guidance that a DB transfer is unsuitable, but needs to be […]


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There are 2 comments at the moment, we would love to hear your opinion too.

  1. No wonder they were told to stop if this is their attitude? Shouldn’t their motto be to do what is best for the client not the introducing IFA?

  2. paolo standerwick 11th July 2017 at 9:28 am

    Problem here in my view is that the company only transacts the business then hands client back to IFA. Clients’ funds should be looked after properly after any transfer takes place. Transaction and ongoing management of the clients funds should be the same firm who must take full responsibility.

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