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Industry finds fault with regulator’s DB assessment guide after two weeks of trials
The advice sector has had about fortnight to work through the Financial Conduct Authority’s (FCA) new pension transfer tool and to form a view about what it means for the market.
The tool covers the regulations as they stood up to 1 October 2020, rather than the rules as they apply now, although an adapted version is in the works.
The FCA was explicit at launch that the tool – the Defined Benefit Advice Assessment Tool (DBAAT) – would help firms check their previous advice.
“We published the DBAAT to help firms and pension transfer specialists understand the FCA’s file review methodology for DB transfer advice,” the watchdog explained.