FCA proposes to drop unsuitable DB transfer assumption

Contrary to its current rules, which state a DB transfer needs to be presumed to be unsuitable before giving advice, the regulator said it has recognised pension freedoms meant transfers could be suitable for some consumers. In a consultation out on Wednesday, the FCA proposed to replace the starting assumption with a statement in the regulatory handbook saying that for most people "retaining safeguarded benefits will likely be in their best interests", alongside guidance "that advisers should have regard to this". The regulator warned, however, its proposal "does not represent a soft...