What happened?
TCC Group’s Consulting Director, David Boyhan, recently featured in Money Marketing, discussing how the FCA’s finalised guidance on defined benefit (DB) transfer advice can be applied more broadly across retirement advice. In the article, David explains that while the guidance is focused on DB transfers, many of its themes, including robust fact-finding, understanding clients’ income needs, assessing capacity for loss, considering all available options, and using realistic cashflow modelling, are relevant to wider retirement advice processes. The article also highlights the FCA’s continued focus on improving advice suitability and reducing the risk of poor customer outcomes.
Why does it matter?
The FCA’s expectations around advice suitability continue to rise, with a clear emphasis on evidencing why recommendations are appropriate for individual clients. Firms providing retirement advice should view the DB transfer guidance as more than a specialist requirement. Many of the principles can help strengthen broader advice processes, improve client outcomes, and reduce regulatory risk. Firms with strong governance, controls, and record-keeping are generally better positioned to demonstrate suitability and withstand regulatory scrutiny.
Supporting sources
Frequently asked questions
Does the FCA’s DB transfer guidance only apply to pension transfer specialists?
No. While the guidance focuses on DB transfer advice, many of its themes are relevant to wider retirement advice and suitability assessments.
Why is cashflow modelling important in retirement advice?
Cashflow modelling can help demonstrate why a recommendation is suitable by assessing whether a client’s retirement income needs can be met under different scenarios.
What should firms focus on to improve advice suitability?
The guidance highlights the importance of detailed client information, understanding retirement objectives, assessing capacity for loss, and maintaining strong records to support recommendations.
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- Redress & Remediation
- Regulatory Change & Transformation
- Suitability, Advice Quality & File Reviews
- Pensions & Retirement IncomeTCC helps pension providers, retirement specialists, advisers, platforms and consolidators strengthen retirement income governance, evidence customer outcomes and manage regulatory risk. Our specialists support firms with retirement income reviews, ongoing servicing assessments, Consumer Duty programmes, DB transfer reviews, vulnerability frameworks, remediation projects and compliance monitoring across the customer lifecycle.
- Wealth Management & Financial AdviceTCC helps wealth managers, financial advisers, networks, platforms and consolidators strengthen compliance, evidence customer outcomes and manage regulatory risk. Every engagement is designed to deliver practical improvements, stronger governance and regulator-ready evidence. For more than 25 years, we have helped FCA-regulated firms navigate regulatory change, supervisory reviews and business growth.
Reviewed by TCC Group Editorial Team