Hargreaves Lansdown stops new advisory work for pension transfers

Freecall

Just a phase the industry is going through I suppose but how things can change in such a short time....

http://www.ft.com/cms/s/0/e4d776de-3207-11e5-91ac-a5e17d9b4cff.html#axzz3h6IiNNje

and if you can't read the story in the FT then this covers the key points.

http://www.international-adviser.com/news/1023990/hargreaves-lansdown-halts-pension-transfer-advisory

wallpaperman

Freecall wrote: »

Just a phase the industry is going through I suppose but how things can change in such a short time....

http://www.ft.com/cms/s/0/e4d776de-3207-11e5-91ac-a5e17d9b4cff.html#axzz3h6IiNNje

and if you can't read the story in the FT then this covers the key points.

http://www.international-adviser.com/news/1023990/hargreaves-lansdown-halts-pension-transfer-advisory

Interesting, it suggests high volumes as the reason for this change, wonder if there are any other reasons, nervousness about the advice being given perhaps???

woolly_wombat

It does say that the stoppage is temporary.

Sounds as if they are just snowed under.

WW

jamesd

From the FT story: "stopped taking on advisory work for pension transfers after reaching capacity". Just snowed under with requests.

'“We would rather not take on any work in order to continue to process the work we have in good time.” ... Mr McPhail said the stoppage was temporary and it was likely the service would reopen in “days and weeks, rather than weeks and months”. ... Savers looking to take cash from their pension pots are being quoted advisory fees that are thousands of pounds higher than typical rates'

zagfles

Note this this applies to transfers from DB schemes and those with guarantees etc. Transfers from normal money purchase schemes are OK, as they don't need advice.