Advising on Pension Transfers

The LITRG welcomes the opportunity to contribute to the Financial Conduct Authority's (FCA) consultation on pension transfer adivce as we are concerned that a future mis-selling problem could arise in this area, given that people may be attracted by the selling points of accessing pension freedom which they cannot do from a defined benefit (DB) scheme. Our response highlights the difficulties of explaining to low-income and unrepresented individuals all the factors they need to take into account in getting to the right decision for them.