Unsuitable advice prompts FCA U-turn on DB transfer assumption

In a policy statement published today, the FCA said its recent supervisory work had presented "significant evidence of unsuitable advice being provided". In a consultation released last June, the financial watchdog had proposed replacing the starting assumption that holds a DB transfer is unsuitable before giving advice with a statement in the regulatory handbook that, for most people, "retaining safeguarded benefits will likely be in their best interests". Due to its concerns about the levels of unsuitable advice, however, the FCA said: "We do not consider it is appropriate to change...