FCA DB transfer paper blows guidance option 'out of the water' - Hargreaves
New rules to mandate ‘personal recommendation’
Nathan Long: "It reireates that need for a personal recommendation which blows out of the water any hopes of DB schemes being able to be transferred via some sort of guidance service."
The proposed 'personal recommendation' rule in the regulator's defined benefit (DB) transfer consultation paper "blows out of the water" any potential guidance option for clients looking to exit final salary schemes, according to Hargreaves Lansdown's Nathan Long.
The senior pensions analyst said the proposed Financial Conduct Authority (FCA) requirement for a ‘personal recommendation' before transferring out of a final salary pension scheme meant the adviser would...
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