The FCA is considering a ban on contingent charging for pension transfer advice.
The contents of the update confirms the FCA intends to carry out many of the measures it proposed.
These include the introduction of a rule to require all advice on the conversion or transfer of safeguarded benefits to result in a personal recommendation.
The majority of the remaining changes, which cover the transfer value comparator and the appropriate pension transfer analysis, will come into force on 1 October 2018.
The FCA has also published a consultation paper proposing further changes to its rules and guidance.
This includes requiring advisers undertaking pension transfer advice to have the same qualifications as investment advisers.
The FCA is also seeking views on whether it should intervene in relation to charging structures given the difficulty in managing the conflicts of interest that exist when providing transfer advice.
This could include a ban on contingent charging, which is when a fee for advice is only paid for when a transfer goes ahead.
Furthermore the FCA has decided to maintain the position, at this stage, that an adviser should start from the assumption that a DB pension transfer will be unsuitable.
This is to reflect the high proportion of unsuitable advice seen in supervisory work and need for further consideration of how transfer advice should be paid for.
FCA executive director of strategy and competition Christopher Woolard says: “DB pensions are valuable so most people will be best advised to keep them.
“However, where people are considering a transfer, it is vital that they get good advice to enable them to make an informed decision.”
Woolard adds: “We are also looking at whether further changes are needed to improve the quality of advice in this area.
“In particular, we recognise that there is an inherent conflict of interest when advisers use a contingent charging model so we are asking for views on whether we should ban contingent fees for pension transfer advice. DB pension transfer advice continues to be a key area of focus for the FCA.”