For firms and advisers, providing advice around the transfer of Defined Benefit (DB) pensions schemes to Defined Contribution (DC) schemes has resulted in increased regulatory scrutiny. The high risk of customer harm and typically the complex nature of providing DB transfer advice should driving firms to evaluate the potential liability contained within their DB book.
Taking a proactive response is critical, and Firms should, therefore, be looking closely at the quality of their past business, as well as carefully assessing business purchased. In addition, implementing robust sales practices and governance and controls frameworks, all aligned to regulatory expectations, is key to ensuring the ongoing quality of advice.
The Huntswood Podcast:
DEFINED BENEFIT PENSIONS IN THE CURRENT CLIMATE
Baroness Ros Altmann shares her views on the significant changes in the pensions sector over recent years and outlines what to look out for on the horizon.
How we can help
We have been supporting firms in assessing, remedying and improving their DB business in a variety of ways since 2017. Our solutions are tailored to the specific challenges of the business, and our robust and regulatory compliant review and remediation methodologies complimented with our calibre of people and subject matter expertise means you have the confidence and assurance of achieving the right outcomes.
Read our latest articles and regulatory updates regarding Defined Benefits Pensions:
Improve your DB advice operating model to meet and exceed advice standards
Defined Benefit pension transfers remain a sticky topic in the industry. It remains up to firms to prove they are providing suitable advice
Regulatory update: CP19 / 25 – Pension transfer advice: contingent charging and other proposed changes
The FCA has proposed a ban on contingent charging within the pension transfer advice market – but will it deliver good outcomes?
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