The regulator has tightened its grip on pension transfer advice in the wake of pensions freedom. Aileen Lynch assesses the changes and answers some FAQs
Advising on defined benefit (DB) pension scheme transfers is, rightly, a highly regulated element of the advice business. The highly sensitive transfer market is expected to grow significantly as a result of pensions freedom and choice, and so the Financial Conduct Authority (FCA) has remodelled its rules on the topic. It announced in March, four weeks before pensions freedom began, that it would change its Regulated Activities Order and amend the definition of ‘pension transfer' to reflect the impact of pension freedom. Regulated Activities Order What's changed? • Advice...
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