FCA Publishes New Webpage On Supporting Vulnerable Consumers When Providing Pension Transfer Advice

On August 30, 2023, the FCA published a new webpage with information for firms on how to support vulnerable consumers when providing pension transfer advice.

The FCA reminds firms that when consumers seek advice about transferring DB or other pension benefits, they should be alert to potential indicators customers' vulnerability as this may impact their decision making. Firms should create an environment where consumers feel they can disclose their needs and should provide suitable support.

The FCA sets out examples of possible circumstances that DB scheme members could be in, together with warning signs of when they may be more vulnerable to scams or fraud activity. It also highlights how the consumer duty raises the standards it expects of firms and includes new rules for the treatment of customers in vulnerable circumstances.