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<p>Assessing the harm caused by unsuitable pension transfer advice and identifying
the most effective ways to reduce it is a key priority for the Financial Conduct Authority
(FCA).</p><p> </p><p>Last year, the FCA issued new rules and guidance on improving
the quality of pension transfer advice. These provide advisers with a framework to
better enable them to give good quality advice so that consumers can make better informed
decisions.</p><p> </p><p>In December 2018, the FCA concluded a review on pension transfer
advice which reviewed the suitability of the advice. The FCA has also requested data
from every firm with permission to advise on defined benefit (DB) pension transfers
to provide a complete picture on the market. Following the analysis of this information,
the FCA will begin a wide-ranging programme of activity with firms in 2019.</p><p>
</p><p>In addition to this, the FCA and The Pensions Regulator published a joint strategy
in October 2018 which includes a workstream on improving member and consumer outcomes
from DB pension transfers.</p>
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