FINANCIAL SERVICES


The Financial Conduct Authority has warned that some overseas advisers are targeting consumers, advising them to switch their UK pension into an international self-invested personal pension. The City watchdog says this could expose consumers to high and unnecessary charges and urged those approached by an adviser in these circumstances to ensure they understand any possible charges and exit penalties which might apply. In a warning issued yesterday, the FCA added that it is concerned that the tax benefits of investing through an offshore investment bond are “largely redundant” to someone investing in a UK personal pension scheme.

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