Fraudsters have been using a 'cloned' Blackrock Asset Management website to try to cheat investors, the FCA has warned.

About seven in ten advisers refuse insistent DB clients if their advice is not to transfer, a survey indicates.

Half of advisers use contingent charging for DB transfers, a report published this morning suggested, as an ex-FCA specialist urged the sector to ditch the method.

Businesses have been warned they could face “criminal consequences” if they carry out activities covered by MiFiD II but fail to obtain the necessary permissions.

An FCA probe into DB pension transfer advice may involve 50-100 firms.

The FCA’s expectations on DB transfers need to be clarified to avoid the risk of the market failing, a veteran pensions expert says.

The ombudsman has ruled against an advisory firm over a Sipp transfer for which the introducer was unregulated, despite “limited evidence” it was providing advice.

The FCA has stripped three firms of their regulatory permissions due to unpaid levies and fees.

Advisers will be asked to tell clients that the annuity they are being recommended may not produce the best annual income if the firm lacks details of all market rates.

The FCA has secured eight confiscation orders totalling almost £2.2 million related to an unauthorised collective investment scheme.