Paul Squirrell: Pension transfer advice firmly in the spotlight

Key areas for advisers

clock • 4 min read

Defined benefit transfers have come under unprecedented regulatory scrutiny this year in the wake of widespread suitability failings. Paul Squirrell assesses the FCA's tougher rules and their implications for advisers

Following last June's consultation (CP17/16), the FCA finally issued its policy statement Advising on Pension Transfers (PS18/6) in March this year. This much-anticipated report followed a review which found that only 47% of advice on DB to DC transfers could be shown to be suitable. What's more, the regulator deemed that only 35% of products and funds recommended for new pension schemes were suitable.  As a result, many new rules relating to transfer advice came into effect on 1 April. I have detailed some of the key areas that advisers need to be aware of below.  Giving advice an...

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