How firms should approach British Steel pensions redress
23/03/23 Go to article
David Boyhan, Technical Director at TCC, chatted to FT Adviser about the impact of the contingent charging on the Defined Benefit pension transfer market.
He argues that while the conversion rates of contingent charging firms versus non-contingent charging firms do support the FCA’s decision to introduce the ban, the improvement in suitability we’ve seen in the market has been driven primarily by a better understanding of the regulator’s expectations. With measures such as the ban now in force, it’s hoped that this trend will continue.
In addition, the fact the market has shrunk is not necessarily a result of the ban, he adds. In fact, many firms exited the market long before it came into force.