Nearly two thirds of advisers do not believe defined benefit (DB) transfer advice will be profitable going forward, a Prudential survey of more than 1,000 advisers has found.
Prudential polled more than 1,000 advisers just days after the Financial Conduct Authority's (FCA) latest policy statement on DB transfers was released, which saw the banning of contingent charging on DB transfers. The FCA also said the ban would help "good advisers", who will often advise clients to stay put, to compete. When asked about the change, nearly three fifths (58%) of respondents thought they will do less DB business or stop doing it altogether, with only 3% saying they will do more. The reaction is perhaps unsurprising, as nearly two-thirds (62%) of respondents said the...
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