FCA express concerns
over life bonds in pensions
The Financial Conduct Authority (FCA) in the UK recently voiced concerns about overseas advisory firms advising clients to transfer UK pensions into a self-invested personal pension using an offshore investment bond as they may be exposed to high and/or unnecessary charges.
This essentially means money is being invested with a third party Life Insurance company and the firms advising on these assets are receiving high commissions in return – to the detriment of your pension fund. It can also be very difficult (and expensive) to leave such arrangements once one has entered into them.
Switch out of a life bond
If you have a pension fund in a life bond, ask for all charges to be disclosed and seek advice about how you can move it to a lower cost investment platform.
Brite offers a unique model allowing you to move 100% of your money from a Life Bond into our modern, low cost investment platform.
Contact us for more information.
A link to the FCA’s consumer guidance is available here.
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