Financial Conduct Authority  

Disappointment and delight: industry responds to FCA delay of DB rules

Mr Harrison said: "The defined benefit advice market is very diverse with a mix of high quality advice sitting alongside cases where the FCA finds that members have clearly been given unsuitable advice. 

"If the FCA believes that the consumer detriment from poor quality advice runs into billions of pounds, it is very disappointing that measures designed to improve the advice market have been delayed. 

"Given the particular concerns in the current Covid-19 environment about pension scheme members being vulnerable to scammers, and poor quality advisers taking advantage of members’ fears, it is vital that consumer protection measures are maintained as far as possible, despite the present situation."

rachel.mortimer@ft.com 

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