FCA To Review Redress Rules For Bad Pension Transfers

By Najiyya Budaly (September 1, 2021, 1:28 PM BST) -- The Financial Conduct Authority said on Wednesday that it will review guidelines on how pensions advisers should calculate compensation for consumers who were given unsuitable advice to transfer out of a defined benefit retirement scheme.

The City watchdog said that it will review its guidance on redress for unsatisfactory pension transfers by the end of 2021.

The FCA set out guidance in 2017 for advisers on how they should calculate compensation, amid efforts by lawmakers and regulators to make the country's opaque pensions sector, with its costs and charges, more transparent. The authority saida the time that it would review the guidance...

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