The DB pension market is succeeding in some serious derisking but is that risk falling on transferees and IFAs in general?
The value of pension transfers in the year up to March 2018 reached £14.3bn involving 72,700 transfers from defined benefit (DB) schemes, according to The Pensions Regulator. The numbers are revealed in a Freedom of Information request.
The big worry for IFAs must be that at least some of these prove to be unsuitable and require compensation.
The Pensions Regulator is working on "giving timely warnings" about pension transfer risks to scheme members, after it admitted that it should have acted sooner in the British Steel scandal.
Providers are continuing to complain about plans to require advisers to contribute 25% to the FSCS bills of IFAs. The FCA published its final rules on the matter last week.
Advisers are digesting the news that they must contribute another £24m interim levy over problems with SIPPs. They may be looking nervously at concerns over transfers given the huge amounts that are involved.
Wealth Design make the case for using active DFMs as cover stars in New Model Adviser.
The FCA chief Andrew Bailey sets out plans for a new improved IFA register. In my view, this is very good news.
The FCA board agrees to ditch the term ‘value for money’ from its final rules enforcing the asset management market review. Not quite sure what this achieves though firms will still have to consider whether a fund is delivering value.
Widow’s Johnny Timpson outlines why the gig economy workforce needs a financial safety net.
Barclays chief executive James Staley is fined £642,000 for breaching whistle blowing regulations. The bank is bringing in new processes - again.