Contingent charging may have fuelled a multi-billion pound pension transfer scandal

@peter_IFAMAG reads Twitter so you don’t have to.

The FCA revealed yesterday 119 firms that held DB transfer permissions did not have the relevant PI cover. Josephine Cumbo, the FT’s global pensions correspondent, detailed how contingent charging fuelled a rush of advisers to transfer DB Pensions. Cumbo suggests a link between this fee model and the ensuing transfers scandal.  Elsewhere, Chinese offshore stocks have a stellar day.

Beijing is encouraging investment abroad, as it increases foreign investment quotas for the fourth time since September.

Meanwhile, Hong Kong stocks have a stunning morning.



Bank of America survey finds Bitcoin to the State’s most crowded trade.

Tony Vilder reports a 50% increase in advisers allocating to cryptocurrency in 2020, David Hearne comments.

City Wire reported yesterday how 119 advisory firms that held DB transfer permisions did not have the cover, however the problem could be even worse.

And finally, Josephine Cumbo shares her insights into the DB pensions scandal in this thread below.

What are your thoughts on these tweets?

Tweet your responses to @peter_IFAMAG

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