Around two-thirds (69%) of people who have transferred their defined benefit (DB) pension into a defined contribution (DC) arrangement over the past four years were satisfied with their choice, according to the Financial Conduct Authority’s (FCA) Financial Lives Survey.
Actuarial consultancy OAC - part of the Broadstone Group - said this demonstrates the potential consumer danger that still lurks in the DB transfer market. Head of redress solutions Brian Nimmo said: "Regulations around financial advice have been a focus for the FCA in recent years and it has tightened up its rules significantly which is a positive in establishing greater trust. "Yet it is worrying that little over two-thirds of people who have completed a transfer in the last four years have said that they were satisfied with their decisions and that huge numbers are still consider...
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