The Financial Services Compensation Scheme (FSCS) has declared Glasgow-based financial advice firm Cowley & Miller Independent Financial Services in default. The firm's pension transfers became subject to pre-sale review on 10 April 2018, with the Financial Conduct Authority (FCA) stating that it must refrain from advising on any new or existing pension transfers of defined benefit (DB) or safeguarded benefits for clients unless reviewed by an independent and suitably qualified third party, according to the FCA register. On 21 June 2021, the FCA restricted the firm from disposing of i...
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