FCA final guidance reiterates DB transfers not in consumers' best interests

Published 30 March

Sophie King
clock • 3 min read

The Financial Conduct Authority (FCA) has published guidance on advising defined benefit (DB) transfers and has reiterated its stance that it is best savers do not transfer out of final salary pension schemes.

The FCA originally published a draft guide in June last year but this finalised version contains some amendments. However, the regulator said it is proceeding with the guidance "largely as consulted". In an update published on Tuesday (30 March), the FCA said: "It remains our view that it is in the best interest of most consumers to stay in their DB pension. Where an individual seeks advice to transfer, we expect firms to give advice that is suitable and appropriate for their needs and situation." It said the guidance will help firms to identify any weaknesses in their existing proces...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA stands firm on not advocating for legislative change on AI

FCA stands firm on not advocating for legislative change on AI

‘That is the appropriate proportionate response’

Sophia Panayi
clock 22 October 2026 • 2 min read
FCA bans and fines ex-CEO after misconduct led to £4m losses in mini-bonds

FCA bans and fines ex-CEO after misconduct led to £4m losses in mini-bonds

Vector Wealth’s Jeffrey Dawkins fined almost £270,000

Sophia Panayi
clock 21 October 2026 • 1 min read
Treasury Committee probes FCA leadership on whistleblower enquiry and Palantir relationship

Treasury Committee probes FCA leadership on whistleblower enquiry and Palantir relationship

Agentic AI a priority

Alex Sebastian
clock 13 October 2026 • 2 min read