FCA hits back: Providers will not be responsible for DB advice

Last week, the FCA sent CEOs of major pension providers a letter explaining what is expected of them when handling defined benefit (DB) transfer business. The wording of the letter led some pension providers, however, to assume they would have to take on additional responsibility for pension transfer advice given by financial advisers. The Dear CEO letter read: "We expect you to have appropriate measures in place to ensure that products are being recommended responsibly and appropriately, in accordance with the treating customers fairly principle." DB pension freedom rights 'erod...