Quilter restricts, but doesn't ban, DB transfers advice in network

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Quilter restricts, but doesn't ban, DB transfers advice in network

Financial services giant Quilter has moved to restrict - but not ban altogether - advisers from advising on defined benefits (DB) transfers within it's IFA network Quilter Financial Planning.

The move, in line with UK regulator The Financial Conduct Authority's ongoing crackdown on DB transfers. Quilter said had it limited DB transfers to "Restricted Financial Planners in our advice network".

As a result under 10% of the network have DB transfer permissions and of those under 20% were IFAs.

To ensure we are giving quality controlled advice, we are restricting DB transfer permissions to our restricted financial planners, who are required to choose from highly researched and governed panels of products and investments,” - Quilter spokesperson

A spokesperson for Quilter said: "Quilter Financial Planning is committed to providing defined benefit (DB) pension transfer advice for those that need it. The regulator has rightly acknowledged the risks involved in this area of advice and the detriment to clients is substantial when the best possible advice is not given

"To ensure we are giving quality controlled advice, we are restricting DB transfer permissions to our restricted financial planners, who are required to choose from highly researched and governed panels of products and investments."

The move follows increased scrutiny and clamp down measures introduced by the UK's financial services regulator The Financial Conduct Authority on DB pension transfers.

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