FCA tightens grip on DB transfers ahead of pensions freedom

Jenna Towler
clock

All defined benefit (DB) pension transfers after 6 April will be regulated by the Financial Conduct Authority (FCA) to ensure mandatory advice has been taken and fully understood.

The FCA has today released a consultation on proposed changes to its pension transfer rules to reflect pensions freedom coming into effect on 6 April. The watchdog already oversees advice on transfers to personal pensions. However, the government's new regime will bring advice on transfers from DB schemes to occupational defined contribution (DC) schemes into the FCA's remit. It said consumers have to take advice before transferring out of a final salary arrangement. It will be the responsibility of the trustees to check that people have taken advice. FCA director of strategy and c...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Government confirms no compensation for WASPI women over state pension age changes

Government confirms no compensation for WASPI women over state pension age changes

DWP finds communication delays did not amount to financial loss

Martin Richmond
clock 17 December 2024 • 4 min read
Chancellor's move to pause Pensions Review 'deeply disappointing'

Chancellor's move to pause Pensions Review 'deeply disappointing'

Rachel Reeves has reportedly pressed indefinitely paused the review

Jenna Brown
clock 16 December 2024 • 3 min read
FCA targets pension transfers and SIPPs in major review

FCA targets pension transfers and SIPPs in major review

Regulator launches review of DC pension rules

Isabel Baxter
clock 13 December 2024 • 4 min read