Selectapension's defined benefit (DB) transfer outsourcing business has gone into liquidation following its exit from the market.
In October 2017 Selectapension Bureau Services’ principal CFP Management Limited agreed to a Financial Conduct Authority (FCA) permission restriction which meant it could not carry out any new DB transfer advice.
Following this permission restriction for its principal, Selectapension Bureau Services stopped providing DB transfer advice for IFAs who wanted to use the service.
Now Selectapension Bureau Services has gone into liquidation with a note on the Gazette saying Crowe UK was appointed as a voluntary liquidator on 19 October 2018.
A spokeswoman for Selectapension said Selectapension Bureau Services ‘was wound up following the decision in November 2017 to suspend DB pension transfers’.
She added Selectapension Bureau Services was a separate business from the parent company Selectapension.
At one point CFP Management and Selectapension Bureau Services were receiving 60 transfer requests a week from IFAs which prompted it to become ‘overwhelmed’ – Selectapension national accounts director Peter Bradshaw previously said.
News of this liquidation follows other DB transfer firms which have faced FCA permission restrictions also going into administration.
In September 2018 DB transfer paraplanning firm Heather Dunne Consulting went into liquidation following an FCA permission restriction with HD IFA.