Andrew Bailey: 12% of adviser firms pulled out of DB transfer market

Speaking this afternoon (4 March) at a Treasury Committee hearing, the Financial Conduct Authority (FCA) chief was quizzed on bad advice given to individuals transferring out of defined benefit (DB) schemes. Bailey (pictured) admitted he felt the pension freedoms, introduced in April 2015, were introduced too quickly, "and frankly we've been on a catch-up process as a regulator". He later told the room issues surrounding individuals transferring out of DB schemes were not given enough priority in the early days of policymaking. He then revealed some 370 firms had left the pension tran...