Five takeaways from the FCA's annual report

DB transfer reports The most significant work for advisers the FCA has undertaken in recent times has focused on defined benefit (DB) transfers. Two reports in 2018/19 revealed the extent of the regulator's deep concerns in this area. The first, which was published in December 2018, found only half of the transfer cases it reviewed were suitable, while it recently revealed 162,047 DB transfers took place between April 2015 and September 2018. And, off the back of these reports, the FCA has expected all advisers to react to its findings, observing: "We expect all firms to take promp...