FSA issues advice warning over DB scheme transfers

In a joint statement issued today with The Pensions Regulator, the body responsible for overseeing trust-based occupational schemes, the FSA said it had "concerns" over the quality of advice being given to members with regards to enhanced transfer value or incentive to transfer exercises. In these exercises, firms with defined benefit (DB) schemes offer members the chance to transfer their benefits out to another scheme and will usually pay an enhancement or incentive to encourage them to do so. But the FSA says it has particular concerns about whether the advice being given to member...