Is it time to review the risks of DB transfer advice?

Young insists he is "not really" a "regulation man" when the subject of the Financial Conduct Authority's (FCA) handling of Covid-19 comes up on the podcast this week but, regardless, the businessman and managing director has some interesting thoughts to impart about defined benefit (DB) transfers.

Though still early days, Young says he has not seen evidence so far to suggest advice on DB transfers will lead to a flood of claims and instead suggests the FCA would do well to review the level of risk in the sector compared with "hypotheticals".

Young believes most advisers in the sector are good at what they do, which has become clear from how they have handled their clients during the coronavirus pandemic. While there are still rogues, he says, a big problem is firms folding and falling onto the Financial Services Compensation Scheme because they are unable to get professional indemnity cover, based on assumptions about DB advice. Maybe, he says, it's time the FCA reviews the risk of the advice community giving DB advice.

To hear more of what Young has to say, click the play button below.

You can listen to the podcast - and all out other episodes - through iTunes and Spotify by searching The Pro Adviser Podcast or Professional Adviser in their respective podcast libraries. You can also click the embedded play button above to listen. 

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