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A financial services alliance, with a combined global membership of 200,000, has called on the FCA to “do more to support professionalism in UK financial services.”
The FCA, alongside the Bank of England and Prudential Regulation Authority, has published a joint discussion paper on the resilience of firms in the face of hackers and cyber-attacks.
The Financial Conduct Authority may introduce a cap on drawdown charges as it announces a package of measures to trackle potential 'harm' from the Pension Freedoms. 
The FCA has today published the latest analysis from its Financial Lives study which surveyed nearly 13,000 across the UK and revealed stark financial differences between urban and rural dwellers.
The Personal Finance Society has issued an updated good practice guide covering transfers from defined benefit to defined contribution pension schemes as it warned against bad practice harming the profession.

The guide replaced last year’s update to the original guidance issued in 2016 and followed the FCA’s March policy statement ‘advising on pension transfers.’

PFS chief executive, Keith Richards, said mandated professional advice was a “vital consumer protection component and the updated guide aims to give members clarification around changing advice requirements, as well as ongoing good practice gained from subject matter experts and practitioners from across the sector.”


He added: “Defined benefit pension transfer advice continues to be a key area of focus for the FCA, government and consumer lobbyists, so it is particularly important that firms advising on DB pension transfers ensure their clients fully understand the implications of a proposed transfer before deciding whether to proceed.

“Accordingly, our new guide covers a number of important areas, including risk appetite, the need for holistic advice, qualifications and contingency charging.

“It also features sections on the wider tax issues, cash flow modelling, insistent clients and death benefits.”

Mr Richards said that after a programme of specific supervisory work, the FCA recently concluded that only 47 per cent of the DB to DC transfer advice reviewed could be shown to be
suitable, based on the information in the adviser’s file, which will “inevitably” lead to further scrutiny and supervision.

He continued: “We are particularly alive to the issues surrounding the availability of professional indemnity insurance (PII) for DB transfer advice and have seen evidence of withdrawn cover, or increased cost and excesses, for some advice firms at renewal.

“While this is an overreaction in many instances, it can only be addressed if we establish a clear picture of what good looks like in the pension transfer space and in particular the concerns raised regarding conflicts of interest and insistent client transactions.”

Mr Richards believed it was “critical” that concerns were addressed whether real or perceived, so the profession was not “derailed by the actions of a small number of firms.”
A dispute over whether cashflow modelling is to become “effectively mandatory” for DB transfers has broken out between a software firm and the FCA.
The Financial Conduct Authority has today published its draft rules outlining how it plans to regulate claims management companies (CMCs) when it takes over their regulation from 1 April 2019.
Aegon has warned that concerns over investing in unregulated investments could damage how consumers view SIPPs despite few SIPPS allowing unregulated investments.
Mattioli Woods is to cease providing pension transfer advice to individuals with safeguarded benefits and is now undertaking a full review.
PIMFA has defended contingent charging in a robust response to the FCA’s consultation on improving the quality of pension transfer advice. 
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