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ABI responds to FCA proposals on defined benefit pensions

Responding to the FCA announcement today of measures to protect consumers transferring out of defined benefit pension schemes, Rob Yuille Assistant Director, ABI’s Head of Long-Term Savings Policy, said:

Rob Yuille“We welcome the FCA’s actions to tighten up transfers out of defined benefit pension schemes. We are encouraged to see the FCA strengthening regulation of advice firms to tackle ongoing conflicts, and improve standards. 

“On contingent charging, the FCA is right to seek a balance which should ensure the advice gap does not widen as a result. 

“We also welcome the focus on ways of improving customer engagement in non-workplace pensions. It is important to recognise that this is a diverse market, with a variety of products designed to meet different customer needs.

“We look forward to working with the FCA in its wider work to improve the advice market, and the operation of pension freedoms, so we can all play our part in helping empower customers to make the right pension decisions for them.”  

Last updated 30/07/2019