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There isn’t anything wrong with a defined benefit transfer for the right person at the right time for the right reasons, but it is a complex decision. So rightly, I believe, there is the advice requirement but this can cause issues for those that can’t afford to pay for advice.

The FCA has warned that some consumers who choose to take pensions drawdown without advice are failing to engage with the process and are risking financial “harm.”
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.
Firms are now obliged to inform consumers how much they could gain from shopping around for annuities under new rules which take effect this week.
The FCA is proposing to retain a wider-scale public register of advisers and others working at financial services firms, it announced this morning.
MPs call on FCA to ban contingent fees on DB pension transfers and establish an easy-to-use online register of pensions advice firms, MPs have demanded.
The FCA has launched a probe into possible ‘harm’ to consumers in the non-workplace pensions market.
Three SIPP operators have been declared in default by the FSCS after 150 claims were received, the body announced today.
The FCA has appoointed Charles Randell, a former partner at law firm Slaughter & May, as its new chairman. He will take over from 1 April.
The FCA plans to scrap the application process to convert Approved Persons to Senior Managers as part of new proposals to overhaul the authorisation of individuals.
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