Advisers torn over DB transfer concerns
Financial advisers are divided over their concerns around the defined benefit (DB) transfer market, according to a poll conducted by global asset manager Russell Investments.
DB pensions
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Half of DB pension transfers unsuitable blasts FCA
The UK financial watchdog has strongly criticised defined benefit (DB) pension transfer advice saying that most of the recommendations made are unsuitable.
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Sharp rise in UK advice firms providing pension transfers
There has been a 17% increase in the number of UK financial advice firms with regulatory permission to conduct defined benefit (DB) pension transfers over the past financial year, as demand from clients continues to rise.
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FCA bans IFA from giving DB pension transfer advice
Another British financial advice firm has been stopped from carrying out defined benefit (DB) transfer advice by the Financial Conduct Authority (FCA), as Standard Life calls for greater flexibility.
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SimplyBiz launches DB pension transfer bureau
Financial adviser support firm The SimplyBiz Group has launched a defined benefit (DB) pension transfer service for advisers who need specialist guidance.
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Defined benefits solvency concerns driving clients into Sipps
Rising concern about the future viability of UK defined benefit (DB) pensions schemes is driving demand for transfers into self-invested personal pension plans (Sipps), according to research published Tuesday.
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Insistent clients piling the pressure on advisers
Clients with high transfer values for final salary schemes are piling the pressure on advisers when they disagree with their recommendations, research from Prudential has found.
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FCA fines compliance officer for pension transfer failings
The UK watchdog has fined a compliance oversight officer after two companies he worked for gave unsuitable advice to around 500 customers who transferred £12.7m ($16.4m, €13.6m) out of their DB pension schemes.
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Up to £50bn pulled from DB schemes in pension transfers
The amount of money being withdrawn through transfers from defined benefit (DB) pension schemes in the UK has reached a record £50bn since the pension freedoms came into force, according to new figures released by professional service group Mercer.
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FCA to overhaul pension transfer advice rules
Advice on pension transfers is to be provided as a personal recommendation and transfer value analysis replaced with a comparison to show the value of the benefits being given up under plans announced by the UK regulator on Wednesday.
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Fearful advisers face ‘information vacuum’ on pension transfers
Nearly all financial advisers disagree with the UK regulator’s pension transfer value analysis assumptions and are having to deal with an “information vacuum” from the UK regulator, according to veteran retirement expert Mike Morrison.
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Pension transfer values outstripping UK house prices
The value of pensions being transferred out of defined benefit (DB) schemes is greater than the average cost of a house in the UK, research from Royal London has found.