Mike Morrison: DB transfers consultation a missed opportunity for real reform

The FCA's recently launched consultation on pension transfers (CP 17/16) is a welcome start but, in its current format, it is questionable whether it will actually make any difference to the advice market on pension transfers. At the heart of the issue around defined benefit (DB) transfers is a consumer transaction where many people are forced to take advice but either can not find an adviser willing to give the advice or feel the advice is too expensive. The consultation does nothing to address this core issue. Unlike most consumer transactions, the market for DB transfer advice can ...