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The increased cost of financial advice and limited availability of it are likely to be behind the fall in the number of people transferring out of defined benefit (DM) schemes into defined contribution (DC) arrangements, Broadstone says.
The Financial Conduct Authority (FCA) failed to protect British Steel Pension Scheme (BSPS) members from “unscrupulous financial advisers” who were financially incentivised to provide unsuitable advice, and the regulator was “behind the curve” in its response, according to a report by the Public Accounts Committee (PAC).
DB transfers fall to eight month low as scam activity rises - XPS Dip after a period of recovery Mark Barlow: "With warning signs of poor member outcomes remaining so high, we welcome the FCA's decision to extend their thematic review with the aim of driving up standards of pensions advice." Tom Higgins April’s activity in the defined benefit (DB) transfer market fell to the lowest level since September last year, dropping by almost a quarter, while the number of transfers showing ‘red flags’ for scams increased to a three-month high, according to pensions consultancy XPS Pensions Group...
IFAs report 76% PII premium hikes as consumers struggle to access DB transfer advice ‘Profound impact on market’ Keith Richards: "The regulator is open to discussion and does acknowledge the issues on consumer access and the long-term viability of the advice market." Consumer access to government-mandated financial advice on defined benefit (DB) transfers is being severely curtailed as rocketing professional indemnity insurance (PII) premiums continue to shrink the market, Keith Richards has said. The Personal Finance Society (PFS) chief executive said access to pensions freedom was being...