FCA action sees 130 firms quit DB transfer advice in 2020

In a report published this morning (18 January), the watchdog also revealed that, out of 1,797 advice firms surveyed, 1,310 gave DB transfer advice between October 2018 and March 2020. However, in those 18 months, the regulator found that the proportion of pension scheme members who were given a recommended to transfer following advice fell from an average of 69% in October 2018 to 57% in March 2020. The watchdog also reported 49,456 clients were provided with a personal recommendation to transfer or convert their pension in the period from October 2018 to March 2020. In addition, ...