Additions To FCA DB Transfer Guidance Published

The FCA has published yet more guidance regarding defined benefit pension transfers.

The finalised guidance amends and adds to the rules and guidance introduced in October 2020 with immediate effect. 

Through its review of the market, the FCA state that there is some high quality advice that is being provided to consumers but it maintains that, for the most part, advisers continue to struggle with understanding the regulations and guidance surrounding defined benefit transfers. As a result, advisers continue to fail to provide consistent and suitable advice mainly due to poor record keeping and confusion regarding what constitutes acting in a client's best interest or whether a conflict of interest might exist.