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FCA keeps ‘unsuitable’ DB transfer assumption

By Tom Carnegie, 26 Mar 18

The Financial Conduct Authority (FCA) has backtracked on a proposal to change its position that an adviser should assume that a Defined Benefit (DB) pension transfer is “unsuitable” for a client.

FCA: Regulations ‘only go so far’ in changing culture

Christopher Woolard, FCA executive director of strategy and competition, said: “We recognise that there is an inherent conflict of interest when advisers use a contingent charging model, so we are asking for views on whether we should ban contingent fees for pension transfer advice”.

Additionally, the consultation will look at whether advisers should be required to undertake pension transfer advice in order to have the same qualifications as investment advisers.

Pages: Page 1, Page 2

Tags: British Steel | Contingent Charging | DB pensions | FCA

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