What are you looking for?

6 November 2020 | Comment | Article by Neil Stockdale

Did you transfer your Rolls Royce pension?

In a joint statement issued on 28 October 2020, the Financial Conduct Authority (“FCA”), The Pensions Regulator (“TPR”) and The Money and Pensions Service (“Maps”), have confirmed that they have been liaising with Rolls Royce after a hike in the number of defined benefit pension transfers being made following the company’s restructuring, in which thousands of redundancies were made as a result of the impact of the Covid-19 pandemic on their industry.

Transferring out of a defined benefit pension scheme, is unlikely to be in the best interests of most consumers. As a result, it is an area heavily regulated by the FCA and there are hefty expectations placed upon firms of independent financial advisers, to ensure that they advise their clients of the pros and cons of a transfer, before the transfer is able to go ahead.

Consequently, it is being reported that the FCA has issued 65 data subject access requests (“DSARs”) to the firms that have been advising on the Rolls Royce transfers, to investigate why so many consumers have transferred their Rolls Royce pensions. Read more about defined benefit transfers here.

It has been made clear that where the FCA unearths evidence of poor advice or unsuitable practice, action will be taken against the firms involved. However, whilst the FCA may act against firms it will be up to individual pension holders to seek legal advice on whether they may be entitled to compensation as a result of unsuitable advice.

If you were advised to transfer your Rolls Royce pension by an independent financial adviser, then you may have received negligent advice. Contact our Financial Mis-Selling Team today, to find out more.

Author bio

Neil is head of the firm’s group actions and financial mis-selling teams, specialising in handling claims for financial mis-selling relating to energy contracts, pensions, investments and timeshares.

Disclaimer: The information on the Hugh James website is for general information only and reflects the position at the date of publication. It does not constitute legal advice and should not be treated as such. If you would like to ensure the commentary reflects current legislation, case law or best practice, please contact the blog author.

Contact one of our experts

Fill in the form and one of our experts will get in touch with you shortly.