The defined benefit pensions arm of Selectapension has voluntarily wound up, according to a Companies House report.
Selectapension Bureau Services declared its solvency on 9 November 2018, 18 months after it “temporarily” closed its DB transfer advice service following an audit from the Financial Conduct Authority (FCA).
The service entered liquidation following a general meeting in October. Crowe UK has been appointed as liquidators.
In June 2017, the group suspended the service while its advice partner, CFPML, worked with the regulator to implement changes to its process. As well as to deal with “the outstanding backlog”.
It added that it was working hard to deal with its pipeline cases “as soon as possible”.
However, in November 2017 the FCA placed a restriction over CFPML, meaning Selectapension Bureau Services lost its partner. In August 2018, Selecatpension said it had no plans to reopen its DC transfer advice arm.
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