Mark Turner Comments on the Increase of DB Transfer Complaints

Mark Turner, Managing Director in Duff & Phelps’ Compliance and Regulatory Consulting practice, spoke to Pensions Age about the 44% increase in defined benefit (DB) transfer complaints to Financial Ombudsman Service (FOS) in 2018/2019.

Mark expressed his concerns with the unsuitable transfer advice individuals have and are still being offered. He mentioned since the introduction of pension freedoms, an increasing number of individuals have been advised to transfer out of their current DB pension. 

“The Freedom of Information (FOI) data reveals the FOS is upholding more cases in favor of the customer this year than last” Mark said. He then suggests this would indicate the DB transfer market would now be “under the eye of the regulator.” 

Mark highlighted the importance of the advisors as “the new measures being consulted on by the Financial Conduct Authority (FCA) will hopefully support the provision of independent, quality advice that consumers need.” 

Read the full article here.

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