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August 18, 2022

Better Retirement Group asks to give up FCA Permissions

Better Retirement Group has asked the Financial Conduct Authority to impose requirements on its permissions.

Which means the firm can no longer conduct regulated activity.

According to the FCA register, on May 30th 2022,  it applied to cease all regulated activities

In October 2020, Better Retirement Group was also subject to an Asset Retention order by the FCA, which prevented it from disposing of any assets or selling its client base without consent from the regulator’s

Speaking to the FT Adviser  director Stuart Bayliss, who is the soon to be retired said

“I believe the quickest way for these people to get the compensation they deserve from the SVS debacle is for us to step out of the way’.”

Better Retirement Group Ltd also provided “specialist DB transfer services”  SVS securities, a DFM firm which entered special administration in 2019.

The Financial Services Compensation Scheme (FSCS) has yet to declare default in respect of Better Retirement Group.

This would need to happen in order for the FSCS to step in and pay compensation to clients.

Better Retirement Group Ltd have traded under many different names, including SIPP Club.

SIPP Club was involved in some consumers transferring from from highly beneficial Final Salary pensions into SIPPs.  And into unregulated high-risk investments, such as Dolphin Capital (German Property Group) which has recently filed for bankruptcy.

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