Commenting on today’s update from the FCA on DB transfer advice, Steve Webb, Director of Policy at Royal London said:
“It is clear that standards of DB transfer advice still vary far too much. Good advisers are rigorously screening out people who should not transfer and make clear the advantages of staying in a DB scheme. But some are relying on unregulated introducers to drum up business and seem to be leaning much too far towards recommending transfers. The sooner that action is taken against those who are not doing a proper job, the more confidence consumers can have when they seek transfer advice”.
About Royal London:
Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £139 billion, 8.6 million policies in force and 4,348 employees. Figures quoted are as at 30 June 2020.