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FCA proposes further changes for pension transfer advice

Since the government’s pension freedoms, significant numbers of defined benefit (DB) scheme members have transferred to defined contribution (DC) schemes.

Given the advantages of DB pensions, in the FCA’s view, the proportion of consumers advised to transfer is too high and many of these transfers will not have been in consumers’ best interests. The FCA is also concerned that despite its previous work, too many advisers are delivering poor advice, much of it driven by conflicts of interest in the way they are remunerated, in particular, the practice of contingent charging where payment is only made if a transfer proceeds.

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