Pension transfers over £30,000 must be carried out or checked by a pension transfer specialist, the Financial Conduct Authority (FCA) has said in rules out today.
The rule, detailed in an FCA policy statement, is in force from now, and affects the new specified activity of advising on conversion or transfer of pension benefits, part of pension market reforms that came into play in April. However pension transfers for defined contribution (DC) schemes without safeguards will not be included in the rule, meaning there will be no requirement for a pension transfer specialist in that case. The new rules follow an FCA consultation in which the regulator asked whether it should specify the standard of advice required for some or all aspects of pensio...
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