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The Financial Conduct Authority (FCA) has issued PS18/20 – which builds on PS18/6 issued in March 2018 – and sets out its final rules on advice relating to transfers out of defined benefit (DB) schemes. This is the outcome of its March 2018 consultation triggered by CP18/7.
The latest new rules and guidance include:
The FCA isn't proceeding with its proposal to amend the definition of a pension transfer.
In March, the FCA also raised the question of contingent charging for DB advice. It now confirms that while there’s no immediate ban, it is conducting further analysis. If the FCA considers that changes to charging structures are appropriate, it will issue a new consultation in the first half of 2019.
15 October 2018
Final rules on advice relating to transfers out of defined benefit schemes