Smart Approaches To UK Pension Transfer Advice
Last week the UK’s main financial regulator, the Financial Conduct Authority, recommended how firms, advisors and clients should deal with recent freedoms to shift money out of final-salary pensions into defined contribution schemes. With billion of pounds in play, this publication has noted in the past that pensions have become a sexier subject for wealth managers. Some commentators are concerned if people take out money from defined benefit pensions and blow money on consumption and end up without enough retirement funds. The potential for mis-selling and sharp practice is still a worry. (To see a feature about the reforms, announced about three years ago, see here.)
The FCA’s new paper, CP18/17: Retirement Outcomes Review: Proposed changes to our rules and guidance, sets out a number of changes, with a big focus on communicating effectively to clients and providing coherent options for people looking to use the pension freedoms.
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