Rory Percival does not believe the Financial Conduct Authority (FCA) has changed its starting assumption on defined benefit (DB) transfers despite the message it sent in its consultation paper on Wednesday.
The ex-FCA technical specialist argued the regulator had sent out some mixed messages in its consultation paper, although he praised its overall approach to the DB transfers issue. The financial watchdog proposed dropping its starting assumption DB transfers are unsuitable, saying this would be replaced with a statement in its regulatory handbook explaining that, for most people, "retaining safeguarded benefits will likely be in their best interests". It also stated this did not represent a "softening" of its position. Percival, who on Monday predicted the FCA would not change its sta...
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