Member Article

LEBC steps up call with letter to FCA

LEBC Group steps up its call for the Government to introduce a 30 day cooling off period for those seeking access to all of their pension funds, unless they have been advised by a regulated independent adviser, by now writing to Martin Wheatley chief executive of The Financial Conduct Authority’s (FCA).

Jack McVitie, chief executive officer at LEBC Group has sent Mr Wheatley the same ‘open letter’, addressed to Chancellor George Osborne and Shadow Chancellor Ed Balls last week which calls on the Government to introduce a 30 day cooling off period.

LEBC welcomed the FCA’s encouragement to consumers to seek impartial advice to protect them against pension scams. And that the regulator has issued warnings over pension scams, urging consumers to be on the look-out for ‘dodgy investments’ is also welcome news as LEBC reiterates its own concerns over those following pension freedom options and withdrawing pension funds without impartial regulated independent advice. Anything other than regulated independent advice is substandard LEBC argues particularly with impact of taxation of withdrawals and long term sustainability of income.

This was posted in Bdaily's Members' News section by LEBC Group Ltd .