FCA confirms tougher pension transfer rules; Increases cost estimate

A policy statement, comes after an industry consultation on the changes released in March. The new rules come into force on 8 June. The watchdog already oversees advice on transfers to personal pensions. However, due to the government's new freedom and choice regime advice on transfers from defined benefit (DB) schemes to occupational defined contribution (DC) schemes will now also fall under the FCA's remit. People with DB assets in excess of £30,000 will need to take regulated financial advice from a pension transfer specialist.  The FCA has also released a fact sheet for advi...