DB to DC transfer advice is suitable in just 47% of cases, unsuitable in 17% of cases and unclear in 36%, the FCA has said.
In a recent speech, the FCA’s director of supervision – investment, wholesale and specialists, Megan Butler said “the destination funds chosen by advisers were suitable in just 35% of cases and unsuitable in 24%”.
The FCA said over the last two years, it has requested information from 22 firms on their DB transfer business. It has since reviewed client files for 13 of those businesses and visited 12. As a result of which, four firms have chosen to stop advising on DB transfers.
The main issues found by the FCA were the fact that a number of firms were failing to obtain enough information about clients’ needs and personal circumstances, a number were failing to consider the needs of the client alongside the client’s objectives when making a recommendation, and a number were making inadequate assessments of the risk a client was willing, and able to take, in relation to their pension benefits.
Latest News
-
Average UK house price surpasses £300k – Halifax
-
Bank of England holds base rate at 3.75%
-
Mortgage Advice Bureau acquires Dashly
-
Bridging loans fall to lowest average completion time in eight years
-
Regulators announce first six firms to join ‘Scale-Up Unit’
-
House prices recover month-on-month in January – Nationwide
Perenna and the long-term fixed mortgage market
Content editor, Dan McGrath, spoke to head of product, proposition and distribution at Perenna, John Davison, to explore the long-term fixed mortgage market, the role that Perenna plays in this sector and the impact of the recent Autumn Budget
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories