PIMFA
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Only 50% of recommendations to transfer out of defined benefit pensions are suitable according to the FCA’s latest review. For most investment advice they would expect 90%. And to make matters worse standards don’t seem to be improving.
The regulator is alarmed at the risk of consumer detriment from poor defined benefit (DB) pension transfer advice. Responses to a questionnaire sent to all relevant firms will be used to target activities next year. Firms that can’t evidence that their advice is suitable face enforcement action and an expensive remediation exercise.
Bovill’s January briefing will look at what’s going wrong with DB pension advice, and how you can get it right. We have reviewed the suitability of DB pension transfers in a variety of situations. We’ll explain the failings we see, and how you can make sure your firm’s DB pension transfer advice is always suitable.
Bovill is a consultancy who work closely with PIMFA and specialise in financial services regulation. Please click here for more information or to register.
