The Personal Finance Society (PFS) is in discussions with the regulator and government to introduce additional safeguards to defined benefit (DB) pension transfers where the client wants to act against the advice they received.
The professional body called for advisers who implement transfers on an 'insistent client' basis to be excluded outright "from any form of future redress". It also wants clear rules stating such clients...
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected