View more on these topics

Advisers flag doubt over DB market performance

Three quarters of advisers feel the defined benefit transfer market is struggling to match supply with demand and work effectively, research shows.

Figures from Aegon found two thirds of surveyed advisers who currently provide DB advice say there are not enough specialists to meet customer demand.

These figures follow the FCA’s reveal of a recent data collection exercise which found 69 per cent of those advised on DB are recommended to transfer out.

The watchdog flagged the results as “deeply concerning and disappointing” and repeated its view that advisers should always start a review process with the consideration that transferring out is not suitable.

Aegon says 60 per cent of adviser respondents to its research believe the FCA regulations err too far on not recommending transfers, however.

Pensions director Steven Cameron says: “Transferring is not the right way forward for the majority of people with DB pensions, but the market is not working effectively if people are unable to obtain advice to explore their options.”

Adviser raises alarm after DB transfers made to unregulated Malta investments

Aegon also currently backs the introduction of a triage which would allow advisers to offer customers more help to asses whether they need advice on a potential transfer, Cameron adds.

The FCA’s figures showed a total 58,086 clients out of 234,951 did not proceed to full advice after a triage process.

Cameron says: “Unless the current log jam situation is eased, we’ll be left with an increasing number of people whose advice needs can’t be met because of a lack of supply, leaving them unable to explore their options, a situation which is in no one’s interest.”

Recommended

Old Mutual Ltd fires CEO after conflict of interest concerns

South African group Old Mutual has fired its chief executive over conflict of interest concerns. The savings and insurance group suspended Peter Moyo last month, but did not disclose why it had done so. In a statement this morning, Old Mutual has confirmed that Moyo’s employment has now officially been terminated in the wake of […]

9

Alan Lakey: Action needed on new wave of dubious cold callers

Most of us have been plagued by unsolicited emails, texts, calls and unsavoury adverts trying to persuade us to claim for payment protection insurance or road accidents that never happened. Now claims managers have fallen under the auspices of FCA regulation and are shortly to lose their golden PPI egg, they are desperately searching for […]

Work-life balance-2015
1

Aviva: Could flexible working worsen the gender pay gap?

Giving employees the opportunity for more flexible working may mean younger men will pull more weight in their family lives than the previous generation, but runs a risk of further widening the gender pay gap. MPs on the Treasury Committee held a hearing this morning on progress made since its recent Women in Finance report. […]

Royal London Asset Management

Complete the protection treble for your clients

Simon Halifax, Senior Marketing Consultant, Royal London April and May are notoriously known as the critical months of the football season, or “squeaky bum time”, as it was once famously referred to. And with current talk of teams winning a unique treble in both England and Scotland I thought I’d talk about the protection treble […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com