Social media promoted pension transfers on regulator's radar
International Investment asked a seasoned industry expert to spell out the key takeaways from the Financial Conduct Authority's just published final guidance for financial advisers setting out how they should provide advice on defined benefit (DB) pension transfers.
David White, managing director of Isle of Man-based QB Partners, picks out the surprising ignorance of the FCA about the cost of professional indemnity (PI) cover, its bid to clamp down on inappropriate promotion of pension transfers on social media, among other key points.
In essence, the finalised guidance for DB transfers has confirmed much of the rules that were already in place from 1 October last year, in particular in respect of non- contingent charging and the concept of abridged advice, said White. Please link to International Investment to read the full article by Mark Battersby.