Westerby Trustee Services has become the third provider to stop accepting DB transfers in the wake of a 'Dear CEO' letter sent out by the Financial Conduct Authority (FCA) at the end of last month.
The Leicester-based company wrote to its clients on Thursday (4 April) to inform them it would not be accepting new defined benefit (DB) transfers until it had received further clarity from the FCA. It came after the regulator wrote a letter to self-invested personal pension (SIPP) providers at the end of March explaining what is expected of them when handling DB transfers. The letter caused confusion among providers, leading some to assume they would have to take on additional responsibility for pension transfer advice given by financial advisers. The FCA has since said this was not ...
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