FCA’s latest push in the pensions sector

Transferring from a defined benefit pension to one without any safeguards, has historically been unlikely to be in a customer’s best interests, says the Financial Conduct Authority. Its recent consultation (CP17/16) aims to ensure consumers receive a thorough assessment of their needs and objectives, along with appropriate advice, when looking to give up valuable pension benefits, reports Emily Benson.

Emily Benson is a partner and head of the financial services regulation practice at TLT Solicitors. She has more than 20 years’ experience in contentious financial services, and now specialises in both contentious and non-contentious FCA regulation. Contact her on emily.benson@TLTsolicitors.com.

There seems to be a daily headline regarding fresh action by the FCA in the pensions sector or against a pensions firm. The standards set by the regulator are apparently failing to be met, either through the pressure of running day-to-day business or a lack of clarity around the requirements.