DB transfer advice slows since FCA's 2020 crackdown

Many firms have stopped offering DB advice, regulator finds

Isabel Baxter
clock • 2 min read

The Financial Conduct Authority (FCA) has found that many firms stopped offering defined benefit (DB) transfer advice after it made various interventions in 2020.

The regulator cracked down on DB transfer market on 5 June 2020, as it identified that it was "not delivering good outcomes for consumers". With these concerns in mind, the FCA banned contingent charging with exceptions for consumers with certain personal circumstances, introduced abridged advice and addressed ongoing conflicts of interest by requiring firms to consider an available workplace pension scheme as a receiving scheme for a transfer. It also set out to improve disclosures and consumer understanding to enable consumers to make better decisions, aimed to enable advisers to "g...

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 Pensions

Bridging the generational pension confidence gap

Bridging the generational pension confidence gap

'The knowledge gap is universal'

Robert Cochran
clock 27 November 2025 • 5 min read
Warnings of 'damaging' pre-Budget pension speculation impact

Warnings of 'damaging' pre-Budget pension speculation impact

Commentators say speculation on pension issues has negatively impacted saver confidence

Jasmine Urquhart
clock 27 November 2025 • 3 min read
No change to tax-free lump sum is 'welcome' move

No change to tax-free lump sum is 'welcome' move

The chancellor chose to leave the tax-free lump sum unchanged in the Autumn Budget

Holly Roach
clock 27 November 2025 • 3 min read