Stockton-on-Tees advisers banned for lack of competence on pension transfers

Two advisers from Stockton-on-Tees have been fined and banned for giving poor advice when advising 97 per cent of their defined benefit pension clients to transfer out.

By Neasa MacErlean

The fines amount to £85,900 and are to be paid over to the Financial Services Compensation Scheme; they will constitute eight per cent of the £1.07 million paid out in redress to affected clients.