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Financial Ltd subject to FCA investigation over pension transfers

Adviser network Financial Ltd is under investigation by the FCA over pension transfers, according to its most recent accounts.

In its annual report for 2013, the 450-member network says the regulator is “undertaking adviser control investigations” in relation to pension transfer business.

It says: “The regulatory requirements governing the adviser network business receives significant attention within the pensions transfer market. The company’s compliance with these regulations is subject to a process of ongoing review and appraisal by both the directors and its regulator, the FCA.

“The company’s regulator has notified the company that it is undertaking adviser control investigations. At this stage whether this indicates the provision of unsuitable advice, existence of control weaknesses and/or the requirement for any potential redress remains uncertain. The directors are mindful of their responsibilities and are co-operating fully with this on-going investigation.

“The financial effect of this investigation has not been disclosed on the basis that the outcomes are so wide ranging that it would not be practicable to provide a reliable estimate of the potential liability, if any, arising.”

The firm’s most recent accounts to the end of March 2013 show a £58,808 loss, down from its pre-tax profit of £108,378 the previous year. It made a complaints provision totalling £5.7m for 2013, up 23 per cent from £4.6m in 2012. 

Financial Ltd declined to comment. 


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