The Financial Services Authority (FSA) have started to stand up and be counted. They're actually throwing their weight around and fining companies and directors all over the place. Maybe it's something to do with the threat of disbandonment by the Tories if they win the election. Whatever the reason, it's not before time.
Recently they have turned their attention to some Independent Financial Advisers (IFAs) and some banks who are still giving poor advice to their clients about how, when and why to switch pension funds. The FSA undertook a major survey of pensions advice a couple of years ago and subsequently wrote to 4,500 firms giving details of the FSA's concerns.
22 firms remain on the FSA's watch list where "high levels of unsuitable advice" have been identified. Some firms have already been dealt with by the regulator, but it would appear that most of the 22 poor advisers may have to refund at least £150 million in compensation.
If you think that you have been given duff pensions advice you are recommended to complain to the adviser (IFA or bank) so that they can have a chance to put it right. If that fails you can use this link to find out what to do next:
http://www.moneymadeclear.fsa.gov.uk/HTML/en/products/pensions/pension_complaints_popup.htm
The site is part of the Money Made Clear scheme that is run by the FSA for the benefit of the consumer.
Life is hard enough without being given poor advice by professionals.
Be well.
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