SIPP  

First signs of defined benefit pension transfer slowdown

The regulator has been focusing on the defined benefit pension transfer advice market, and announced that it will be collecting data from all financial advice firms which hold pension transfer permissions during this year.

Craig Harrison, managing director of Creative Wealth Management, has also seen "a reduction in the number of DB enquiries coming through," which is consistent with the experiences recently reported by Sipp providers.

Alistair Cunningham, chartered financial planner at Wingate Financial Planning, revealed that his firm has a similar experience, with new inquiries reducing "maybe as much as 70 to 80 per cent".

He said: "It is an area we actually discourage enquiries about, though so the people we spoke to were generally more single-minded about transferring.

"However in the light of increased regulator and insurer scrutiny, I suspect marketing activity from other firms has reduced too."

maria.espadinha@ft.com