The Financial Conduct Authority has today proposed a ban on contingent charging on pension transfers and reaffirmed its view that DB transfers should be considered unsuitable unless there is a good reason to transfer.
Financial advisers say they are experiencing an increase in insistent clients disagreeing with their recommendations on defined benefit pension transfers.
Standard Life has called for the partial transfer option to be a mandatory part of DB transfer advice.
I have just finished AJ Bell’s annual tour of the UK where a host of lucky advisers got to hear me talk about the current key pension issues.
The FCA has fined a compliance oversight officer for pension transfer failings after about 500 customers with pensions worth £12.7million were advised to move from a DB to DC scheme.
Pension experts, including the former Pensions Minister have backed the scrapping of ‘outdated’ guidance on DB transfers, saying that change was “long overdue” and the regulatory framework was “past its sell-by date”.
The number of DB transfers completed in the first three months of 2017 increased 166%, a Sipps firm has revealed.
News from Twitter
Articles by Keyword
AJ Bell
AMPS
annuities
Autoenrolment
Barnett Waddingham
Curtis Banks
DWP
FCA
FOS
FSCS
James Hay
Lisa Webster
Mattioli Woods
Pension
pension freedoms
pensions
pension transfers
Platforms
regulation
retirement
retirement planning
Sipp
Sipps
Ssas
Talbot and Muir
The Pensions Regulator
TPR
Webster
websterblog
Xafinity