Here is another example of an advice firm which didn’t put its customers first.
As of 09/08/2021 the FCA published a Decision Notice against Geoffrey Edward Armin of Retirement and Pension Planning Services for pension transfer and advice failings.
Unsuitable Pension Transfer Advice
The regulatory has decided to fine the individual £1,284,523 and to ban him from advising consumers on pension transfers.
The advisor transferred more than 400 DB transfers worth £125m.
This included members of the British Steel Pensions Scheme, following the advisor’s recommendation.
The FCA alleged Armin failed to obtain the necessary information to assess the suitability of a pension transfer and also disregarded information including customers’ financial situation, income needs throughout retirement, and how their existing pension benefits compared to the proposed alternative.
If you had dealings with the firm and transferred your pension you may be have been given unsuitable advice (we really don’t like using terms like mis-sold pension transfer as this is a little more technical and not all advice is automatically unsuitable) you should get the transaction reviewed.
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You can find the FCA Decision Notice via the link below: