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Advisers back away from DB transfers

Just one in four advisers are willing to work on transfers out of defined benefit pension schemes, boosting calls for new regulatory guidance.

A survey of 248 advisers conducted by NMG Consulting found just 27 per cent would undertake DB transfers, while around half said they they would not. A quarter of respondents were undecided.

Apfa director general Chris Hannant says the survey results highlight the need for the FCA and FOS to clarify advisers’ liability position when undertaking pension transfers.

Trade bodies have warned advisers “should just say no” to clients who insist on transferring out of schemes despite being advised against a move.

The research also found over half (54 per cent) of advisers are looking for new clients seeking to use the new pension freedoms. Of those, nearly a third were registered with the MAS directory.

Hannant says: “It is interesting to see how advisers have reacted to the pension reforms. Over half of advisers are unwilling to undertake pension transfer requests and with over a quarter still unsure.  This highlights the uncertainty for advisers and the need for the FCA and FOS to clarify the position on advisers’ liability when they undertake a pension transfer.”

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Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. The fact that the FCA and FOS are not willing to state that we have no liability says everything we need to know. Whilst I think their views are disgraceful and they should be hung drawn and quartered for it (I have no vested interest as I am not qualified for these), we have been warned. The chances of winning a complaint case in the future is slim (actually anorexic is more accurate) so advisers should stay clear from implementing these, if the recommendation is not to transfer. The problem is that there will be some smart-arsed flash morons of advisers who think they know better and when they lose the complaints the compo to client will put their lights out and we will be left with big FSCS bills. Considering were are getting huge levies now there will be more advisers closing the doors in between no wan then, thus adding more to the FSCS bills.
    As the kids these days would say #doublewhammy

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