The FCA has added to its published information relating to Consumer Duty to help firms with implementation.
The most recent addition to the Consumer Duty webpages is an information for firms page to help firms implement the Duty. This explains more on the areas of the Duty that firms have been raising queries on. It currently covers:
- October implementation plans
- Consumer Duty Board Champions
- Definition of closed products
The FCA has committed to keeping these pages updated so firms should review the site regularly over the coming weeks and months.
Pension Transfers – considering a workplace pension
Alistair MacDougall Compliance Defined Benefit, FCA, Pension, Pension Transfer, PI, Switch, transfer
We recently reviewed a pension transfer report where the client was recommended to transfer out of the defined benefit scheme into the client’s pre-existing SIPP. We considered that the recommendation to transfer appeared to be appropriate. However, the client had what the FCA calls an ‘available qualifying scheme’, more commonly referred to as a […]