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FCA to hold DB transfer workshops from October

The FCA will hold a series of defined benefit transfer workshops for regulated advisers across the UK from October to December.

The workshops will reiterate the regulator’s expectations when transacting this type of business and highlight the key points that firms should consider when operating in the market.

Particular areas such as fact-finding, the balancing of client’s needs against their objectives and the new appropriate pension transfer analysis test will all be discussed.

Currently the industry is waiting for the FCA’s feedback on its latest round of proposals which will come into effect from 1 October.

The regulator announced it would be running the transfer workshops in its “regulatory round-up” publication yesterday.

Additional workshops for 2019 will be announced later this year.

Yesterday Aegon published research into the DB transfer market that shows strong support among advisers for an effective triage service.

More than half (56 per cent) of advisers support the FCA establishing a workable triage process on transfers.

The aim of a triage service is to offer information and guidance to clients considering seeking advice on DB transfers, without this being classed as a personal recommendation.

The research finds less than a quarter (21 per cent) of advisers say they want a contingent charging ban.

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