FCA ready to leave insistent clients in advisers' hands

Will consult on new guidelines

Tom Ellis
clock • 2 min read

The Financial Conduct Authority (FCA) has said it is up to advisers whether they process a defined benefit (DB) transfer that goes against the advice they have given.

In its consultation paper on advising DB transfers the regulator re-affirmed it would not seek to prevent pension transfers away from safeguarded benefits when an adviser's recommendation was against it, and said it was up to the adviser whether they facilitated the transfer in such cases. However, the watchdog warned it was "essential" the implications of a transfer away from safeguarded benefits were explained properly to a client so they understood fully the decision they were making. "It is important to make sure the original personal recommendation is suitable and that the reason...

To continue reading this article...

Join Professional Adviser for free

  • 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 Regulation

Failed financial advice firms tracker

Failed financial advice firms tracker

Firms that the FSCS has confirmed as failed since the start of 2023

Professional Adviser
clock 14 July 2026 • 1 min read
The Mills Review: AI innovation must be matched by AI governance

The Mills Review: AI innovation must be matched by AI governance

As AI becomes embedded in FS governance can no longer be treated as an afterthought

Chris Davies
clock 13 July 2026 • 4 min read
FCA moves to remove 'co-manufacturing' label in latest consultation

FCA moves to remove 'co-manufacturing' label in latest consultation

‘Firms would be either a principal or secondary manufacturer’

Jenna Brown
clock 29 June 2026 • 4 min read