FCA proposes low-cost 'abridged advice' service for DB transfers
Cannot recommend transfer
"We have discussed our view of suitable advice with the Financial Ombudsman Service and we consider that our approach to considering suitability is consistent" - the FCA
The Financial Conduct Authority (FCA) has proposed introducing low-cost 'abridged advice' on potential pension transfers for customers where a pension transfer is likely to be unsuitable.
According to the regulator, abridged advice must be carried out or checked by a pension transfer specialist. It would take in the initial stages of the usual advice process, such as conducting a fact-find...
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