The Financial Conduct Authority (FCA) is to press ahead with its plan to require firms to provide suitability reports for advice against a pension transfer despite concerns over additional advice costs.
In its policy paper PS18/20, published on Thursday (4 October), the FCA confirmed plans to require firms to provide a suitability report during pension transfer advice, regardless of whether the recommendation is ultimately to transfer. The FCA said a suitability report would provide a customer with a lasting record of why remaining in a defined benefit scheme was the most suitable outcome for them, as well as offering a record that should help an adviser if there was a future dispute on the advice given. Some respondents to a prior consultation on the proposal suggested the additiona...
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