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Pension transfer specialist to re-enter market after FCA suspension

Business-Finance-General-Paperwork-Calculator-Investment-700.jpgA Kent-based pension transfer specialist that suspended work after an FCA audit plans to re-enter the market next year.

Heather Dunne, who runs the support service Heather Dunne IFA, is in the process of applying for direct authorisation with the regulator.

In June 2017, HDIFA was visited by the FCA and was placed on voluntary suspension while it reviewed terms and processes.

HDIFA was reinstated by the regulator on the basis of new processes, with effect from March 2018.

However, HDIFA was unable to reach an arrangement with the principal firm it acted as an appointed representative for or find a new one, which has resulted in no trade for the past year.

Heather Dunne, who also runs her own consultancy, says becoming directly authorised is the only way to move forward.

She adds: “HDIFA’s process has been approved by the regulator and will work with the two-adviser model. This means we will work in conjunction with the introducer adviser to review the suitability of a transfer and execute if appropriate.

“A realistic expectation is we will begin trading in January 2019. My consultancy Heather Dunne Consulting, remains open for any new business.”

Yesterday, provider Selectapension confirmed it has no plans to reopen its bureau that executed defined benefit advice.



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