National IFA Mattioli Woods has stopped giving defined benefit transfer advice as it undertakes a review of the service.
In a statement today, Mattioli Woods says it has been in discussions with the FCA while its review of the DB transfer market is ongoing.
It also says it is carrying out a “full review” of its DB transfer work.
The wealth manager says while that review continues it has decided to stop giving DB transfer advice.
The statement says: “The impact of this decision on the group’s financial performance is not expected to be material, with pension transfer advice to individuals with safeguarded benefits contributing approximately 1.6 per cent of direct revenues, and less to profit given the significant compliance costs associated with this activity, in the 11 months ended 30 April 2018.”
The company says it will release a trading update on 4 July ahead of its full-year financial results.