Intelligent Pensions has agreed with the FCA to suspend offering advice on defined benefit pension transfers.
A note published on the FCA register says Intelligent Pensions must “immediately cease to provide advice in relation to the transfer, or conversion, of safeguarded benefits under a pension scheme to flexible benefits.”
As of this morning, the company was still advertising its pension transfer service to advisers.
A spokeswoman for Intelligent Pensions says: “Following discussions with the FCA we have voluntarily agreed to temporarily suspend offering advice and arranging DB transfers.
“We are working with legal and compliance experts and remain confident that our recommendations and advice process deliver good outcomes for our clients and that we will be able to demonstrate this to the FCA quickly.”
Intelligent Pensions has built up a profile in the adviser market as a specialist in pension transfer advice, and often acts as an outsourcing partner to other advisers who do not have the necessary permissions for DB transfer advice.
The FCA is expected to launch a consultation into DB transfers over the coming months.
Money Marketing reported last month on the growing sense of unease among advisers and providers about the surge in demand for DB transfer advice, and for more regulatory clarity on when a transfer is suitable.