FCA warns advisers over DB transfers

The regulator said it was concerned consumers receiving DB transfer advice were at risk of transferring into unsuitable investments or being scammed. It reiterated its expectations around such transfers saying it was an advice firm's responsibility to take into account the characteristics of assets post-transfer, as well as the specific schemes transferred into. Referencing its rules, the regulator said advisers should illustrate the rates of return that would need to be achieved by the new scheme to replicate the benefits given up by the safeguarded scheme.  It said: "Unless the a...