Equilibrium FP partner believes an inconsistent ‘flow of work’ can leave industry in ‘danger zone’
The defined benefit (DB) pension transfer market has been one of the most contentious areas within the financial advice sector over last few years.
The Financial Conduct Authority (FCA) has implemented changes and initiatives in a bid to fix issues surrounding the British Steel Pension Scheme (BSPS) scandal, including the ban on contingent charging and its newly established DB advice assessment tool (Dbatt).
But, as the FCA cracks down on the market, a large rise in regulatory fees and levies, as well as extreme increases in professional indemnity (PI) insurance premiums, has left many firms with no choice but to exit the DB sector.