FCA warned of £25bn harm in DB transfer scare

FT Adviser

Pension transfer specialist Tideway has fired shots at the financial regulator, claiming its “negative review” of the defined benefit market could create consumer detriment to the tune of £25bn.

In its response to the Financial Conduct Authority's consultation on pension transfer advice Tideway warned the watchdog’s stance on defined benefit work could create adviser bias towards recommending consumers to stay in schemes.

As a result, the pension transfer specialist has calculated, this could cost consumers up to £4bn in one large defined benefit scheme and £25bn across the wider market. 

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FT Adviser

12 November 2019

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Tideway Investment Group comprises the following entities: Tideway Investment Partners LLP; Tideway Wealth Management Limited and Tideway Asset Management Limited. Tideway Asset Management Limited and Tideway Wealth Management Limited are appointed representatives of Tideway Investment Partners LLP, which is authorised and regulated by the Financial Conduct Authority. FCA number: 496214.

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