Tough Rules, Insurance Costs Forcing Pension Advisers Out
Law360, London (September 8, 2020, 5:38 PM BST) -- Pension advisers are being squeezed out of the market by rising insurance costs and tighter regulations on advising people transferring pension schemes, according to a study by insurer Royal London and consultants LCP.
Tougher Financial Conduct Authority rules on defined benefit, or DB, pension scheme transfers have coincided with growing concerns that insurers have about the risk of insuring advisers in this market, according to the report, which was published on Sunday.
The perceived risks of DB transfers has seen professional indemnity insurance costs increase, partly because of the large number of transfers that have taken place.
Official figures suggest that...
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