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DB pension transfer redress: FCA statement on RPI changes The FCA has published a statement about its intention to amend, in mid-March 2021, its finalised guidance (FG17/9) for firms on how to calculate redress for unsuitable defined benefit (DB) pension transfers. It is making the amendments to reflect changes to the way that the Retail Prices Index (RPI) inflation measure is calculated, which the government announced in its November 2020 Spending Review. These changes are due to take effect from February 2030. The FCA explains that the finalised guidance refers to both the RPI and the Consumer Prices Index (CPI), an alternative inflation measure. The RPI change means that, from February 2030, the -1% adjustment to the RPI assumption used in the guidance to calculate the CPI assumption will not reflect the assumed difference between the RPI and the CPI. It will be too large, and some consumers may not receive the correct amount of redress. This will affect consumers who transfer

France generalUnited kingdomHouse of commons treasury committeeEuropean commission supranational risk assessmentEuropean banking authorityEuropean commission under articleFinancial action task forceEuropean commissionFinancial conduct authorityOccupational pensions authorityTreasury committeeFuneral planning authorityFinancial services compensation schemeCommons treasury committeeProduct interventionProduct governance