Adviser firm Tideway was told to cease all pension transfer advice business from 3 July 2020, after first being visited by the Financial Conduct Authority (FCA) about its defined benefit (DB) transfer operations in 2017.
A slump in inflation caused by economic damage from the coronavirus could pave the way for the abolition of the state pension ‘triple lock’, according to Lane Clark & Peacock (LCP).
LV= is exploring the sale of its remaining life and pensions operations, Sky News has reported.
The Financial Conduct Authority (FCA) has banned the use of contingent charging in defined benefit (DB) transfer advice.
The easing of the UK’s lockdown could mean a steady rise in defined benefit (DB) transfers, as the ‘lockdown effect’ on the sector weakens, research from Lane Clark & Peacock (LCP) finds.
Down again from March
Pension scheme members looking to transfer from a defined benefit (DB) to a defined contribution (DC) pension during the Covid-19 crisis will be warned it is unlikely to be in their best long-term interests in a letter from regulators and schemes.
Around 50 advice firms have surrendered their pension transfer ‘gold standard’ status after running into issues renewing professional indemnity insurance (PII) on pension transfers, according to the Personal Finance Society (PFS).
FCA to look at decumulation advice
Stopped suitability of advice work
Former pensions minister Ros Altmann has called for defined benefit pension transfers to be suspended for six months in wake of market turmoil caused by the coronavirus.