Pension transfers must have specialist oversight, regulator rules

Laura Miller
clock

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...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Retirement

Retirement worrying majority of people, survey shows

Retirement worrying majority of people, survey shows

Most have not spoken with an adviser during the cost of living crisis

Alex Sebastian
clock 02 March 2023 • 1 min read
State pension age hikes: Retirement affordability advice needed

State pension age hikes: Retirement affordability advice needed

State pension age is currently 66 with two further increases due

Adrian Boulding
clock 16 February 2023 • 7 min read
'Worrying' gender divide when it comes to retirement regrets

'Worrying' gender divide when it comes to retirement regrets

Nearly four-in-ten women had regrets about their retirement decisions

Ayesha Venkataraman
clock 31 January 2023 • 2 min read