FCA tells 60 DB firms to carry out past business review
‘Level of suitable advice overall is well below our objective for this market’
DB pensions
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Over 65% of contingent charging DB clients transferred pension
‘Strongest evidence’ of the potential for bias when an adviser gets paid more if transfer goes ahead
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FCA urges British Steel DB victims to claim compensation
Even those happy with the transfer encouraged to come forward
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46% drop in UK firms offering DB transfer advice in a year
It is a ‘worrying and very sharp reduction’ as 36% expect to reduce business in the market
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40% of advisers forced to hike DB transfer fees
‘Access to affordable pension transfer advice is likely to get far worse for consumers’
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What does the future hold for the DB transfer market?
Equilibrium FP partner believes an inconsistent ‘flow of work’ can leave industry in ‘danger zone’
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DB transfer duo faces court action over unsuitable advice
UK regulator secures asset freezing order for up to £7m
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Advisers pick apart FCA pension transfer tool
Industry finds fault with regulator’s DB assessment guide after two weeks of trials
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20% drop in pension transfers but half still trigger red flags
December was the worst month of 2020 with three-quarters of transfers giving cause for concern
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50% drop in firms with DB permissions in two years
Of the 1,310 companies giving pension transfer advice – 9% had no PI cover
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UK regulator rolls out DB transfer assessment tool
To examine financial advice given before October 2020
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Tech firm unveils automated abridged advice offering
It will help pension scheme members understand if transferring out is their best option