PFS in FCA talks over additional pension transfer safeguards

The professional body called for advisers who implement transfers on an 'insistent client' basis to be excluded outright "from any form of future redress". It also wants clear rules stating such clients cannot claim redress from the Financial Services Compensation Scheme (FSCS) or their trustees. Additional independent warnings should be given by the scheme trustee to those insisting to transfer against the recommendation of their adviser, it said. Providers state they have seen increased interest from clients in DB schemes wishing to transfer to defined contribution (DC) pensions ...