Adviser firm chided over poor pension advice

Adviser firm GD Tancred Financial Services has received a public censure from the FSA for its advice...

Adviser firm GD Tancred Financial Services has received a public censure from the FSA for its advice on income withdrawal from smaller pension schemes. According to the regulator, the group failed to explain and document the risks of income withdrawal to customers with pension pots less than £100,000. Income withdrawal allows people to take a tax-free lump sum from their pension pot and receive an income from the rest. This is a high-risk business, according to the FSA, as people could end up with less income than expected in retirement. In addition to the censure, GDT is to vary its per...