Complaint about FCA's 'significant' DB transfer market mess unresolved

‘FCA cannot be held accountable for the rules they have created’

Hope William-Smith
clock • 1 min read

An individual who raised concerns around the Financial Conduct Authority’s (FCA) approach to defined benefit (DB) pension transfers has had their complaint thrown out by both the regulator and the Complaints Commissioner.

In a commissioner decision notice published on Friday (15 June) the FCA explained a complainant had approached them with concerns around exercising their pension freedoms. The complainant said they had spent two years trying to transfer their DB pension in a way that was cost-effective and noted the rising cost of transfer advice due to the limited number of advisers that now offer it. The FCA said the complainant had called for it to officially review the "broken" transfer system and "take action taking into consideration the impact its rules are having on people's lives". In pass...

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