Defining Broken Transfers: Were advisers qualified enough to tackle DB transfers?

Summer series continues

Sophie King
clock • 9 min read

The introduction of pension freedoms pushed defined benefit (DB) transfers to the fore and not only did it test the financial advice profession, but the increased demand for transfer advice has also tested the qualifications advisers must attain.

The introduction of pension freedoms pushed defined benefit (DB) transfers to the fore and not only did it test the financial advice profession, but the increased demand for transfer advice has also tested the qualifications advisers must attain. The FCA has started cracking down on financial advice in the last few months after voicing its displeasure with the high rate of DB transfers - £60bn has left schemes since April 2015. From proposing a contingent charging ban and introducing the idea of 'abridged' advice, to saying it was "disappointed" with advisers and would "shut down firms". And...

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