The Financial Conduct Authority (FCA) has published a defined benefit (DB) transfer tool which it said should help firms understand its file review methodology for DB transfer advice. But what exactly is it and why should advisers care?
What is DBAAT? The Defined Benefit Advice Assessment Tool (DBAAT) sets out key factors advisers should consider when checking the suitability of advice and disclosure. Essentially, it should help firms to understand what is expected of them and they can also use it to assess DB advice given before 1 October 2020 - before contingent charging was banned. It is also the method the FCA uses to assess the suitability of DB transfer advice, which offers advisers an insight into how the regulator reviews cases in this market. The regulator has provided a number of explainer videos alongsi...
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