FCA DB transfer paper blows guidance option 'out of the water' - Hargreaves

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 have to consider personal circumstances and deliver personalised advice. "It reiterates 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," said Long (pictured).  He explained: "As soon as you start taking that extra personal information into account and personalise your guidance...