Slowly but surely, the FCA view on pension transfers is emerging. In its latest look at the market, the FCA finds significant problems with suitability of DB transfers.
It has reviewed 22 firms and visited 12 of which four have decided to stop doing transfer business. It looked at 88 transfers that were advised to go ahead, finding only 47 per cent were definitely suitable. In 36 per cent of cases, suitability was unclear, while 17 per cent were deemed unsuitable.
The story is, of course, of huge importance but we do not know how much of a read across we can make to the advice market in general.
Perhaps there is a little more information here. FTAdviser reports on the FCA’s Margaret Craig’s speech at one of their events, outlining what the regulator expects in terms of pension transfers including concerns that advisers do not provide generic advice on transfers.
Meanwhile, SelectaPension will resume DB transfers next year says the firm having suspended its transfer work.
SCM Direct has called Nutmeg’s financial sustainability into question following its recent results, which showed losses of £9m.
The Financial Times conducts what you might call an exit interview with outgoing finance minister Wolfgang Schäuble. One of the key figures in the last 10 years of crisis. He is mostly convinved he did the right things. Some Greeks may beg to differ.
Tech expert Ian McKenna predicts a spree of big firms buying digital advice firms as Aviva buys Wealthify.
Corporate Adviser’s summit hears Steve Webb suggest that additional rate taper relief could be hit in the Budget though he would like relief left along for the life of this Parliament.
The Competition and Markets Authority will bring a massive shake up to the master trust market.
Portfolio Adviser asks is the Trump trade back on?