Sharp Fall In Firms Offering DB Transfer Advice, Insurer Says

Law360, London (March 23, 2021, 5:54 PM GMT) -- The number of businesses offering advice on defined benefit pension transfers almost halved in 2020 following the Financial Conduct Authority's rule changes for the sector, according to a survey by a Dutch insurer.

Aegon NV said on Monday that only 22% of 217 financial advisers surveyed in December offer DB transfer advice in the U.K. This represents a sharp fall from the 41% of 227 firms offering such guidance, according to a survey conducted at the beginning of 2020.

An increase in professional indemnity insurance premiums and excesses, known as PII, and the overall risk of giving transfer advice on defined...

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