Section 48 advice
In its press release, the FCA highlighted Section 48 of the Pension Schemes Act 2015 that requires trustees or schemes managers to check that advice has been taken before allowing a transfer to proceed, where it involved a DB pension or other safeguarded benefits worth more than £30,000 ($37,318, €34,770).
“We expect a firm advising on a pension transfer from a DB scheme or other scheme with safeguarded benefits to consider the assets in which the client’s funds will be invested as well as the specific receiving scheme.
“It is the responsibility of the firm advising on the transfer to take into account the characteristics of these assets,” the regulator said.
