Pensions - Articles - Royal London comment on FCA report on DB to DC transfers


Commenting on today’s report by the FCA on advice on transfers out of Defined Benefit pension schemes, Steve Webb, Director of Policy at Royal London said:

 ‘The decision to give up rights in a final salary pension scheme is a major choice for individuals, and it is vital that they are supported by high quality, impartial financial advice. Such pension rights can easily exceed the value of someone’s home and the advice they receive needs to be based on a comprehensive assessment of their needs and circumstances. Many advice firms are investing in driving up advice standards to ensure that clients are clear whether a transfer is in their best interests or not.

 But the FCA have highlighted clear areas of concern, including the interaction between advisers and transfer specialists and the suitability of the product where the transferred money will be invested. It is vital that these warnings are heeded so that all adviser firms are adhering to the standards of the best’.

Back to Index


Similar News to this Story

Misuse of scam warning flags unnecessarily delays transfers
Thousands of pension transfers are being held up unnecessarily by providers who are raising flags for transfers that have no real scam risks, accordin
Gen X signals a shift in work life priorities
Twice as many UK workers want a sabbatical than have taken one – with Gen X (44-59) showing the biggest gap between desire and reality. Health and we
Trustees play key role in pension scams crackdown
Trustees play key role in pension scams crackdown as £48,000 lost every day to fraud and lump sum withdrawals rise 60%

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.