New rules for UK pension transfers
Changes outlined for qualifications, guidance and advice models.
The Financial Conduct Authority is taking forward all but one of its proposals aimed at improving the quality of pension transfer advice, some of which come into force with immediate effect.
The rules set out how pension transfer advice should be provided to consumers where they are considering giving up safeguarded benefits, primarily for transfers from defined benefit (DB) to defined contribution (DC) schemes.
The consultation followed an October 2017 report that found only 47% of advice on DB to DC transfers was suitable. Please link to International Adviser to read the full article by Kirsten Hastings.