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Bloomberg
British financial advisers and pension managers face jail and increased fines under proposed legislation announced during the Queen’s Speech to mark the new parliamentary term.
Penalties for the most serious offenses will carry a maximum sentence of seven years and a $1.26 million fine, according to a briefing note that accompanied a speech read by the Queen to UK lawmakers.
The Pensions Regulator wants extra sanctions to protect savers and deter misconduct or scammers targeting pension pots being transferred between providers. There were 100,000 transfers out of accounts that offered a promised return, the briefing note said.