Defined Benefit  

Steelworker blames FCA for killing DB transfer advice

Mr Richards has previously warned the hardening professional indemnity insurance market risked restricting access to advice and "preventing people from being able to exercise their rights under pension freedoms".

This week an adviser told FTAdviser how a handful of defined benefit transfer cases had sent his insurance premiums soaring by 430 per cent, resulting in him "paying for the privilege of doing the work".

Steve Carlson, chartered financial planner at Carlson Wealth Management, accepted there were numerous cases where consumers had been wrongly told to transfer by "cowboys" who "treated everyone the same", but warned of "clear client detriment" in the current market for those clients for which transferring out of a defined benefit scheme may be the right option. 

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