All defined benefit (DB) pension transfers after 6 April will be regulated by the Financial Conduct Authority (FCA) to ensure mandatory advice has been taken and fully understood.
The FCA has today released a consultation on proposed changes to its pension transfer rules to reflect pensions freedom coming into effect on 6 April. The watchdog already oversees advice on transfers to personal pensions. However, the government's new regime will bring advice on transfers from DB schemes to occupational defined contribution (DC) schemes into the FCA's remit. It said consumers have to take advice before transferring out of a final salary arrangement. It will be the responsibility of the trustees to check that people have taken advice. FCA director of strategy and c...
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