Pension freedom inquiry reveals public distrust of financial advisers

The responses in question were all submitted anonymously by individuals who have either had direct experience with an adviser or refuse to do so. Several responses highlighted the expense of transferring out of a defined benefit (DB) pension into a more flexible product. One anonymous respondent trying to transfer a DB pension said they had even met one adviser who said he was "in it to make money, frankly". Technology and Technical managing director Kim North said advising on DB transfers was risky business for advisers. "The cost of professional indemnity is high to offer DB advi...