The Financial Conduct Authority has confirmed its finalised Defined Benefit (DB) transfer guidance for financial advisers.

The FCA has warned that ‘high risk’ investment products are exposing consumers to “more risk than they can absorb.”

A proposed shakeup of FCA guidance on DB pensions advice will make transfers ‘harder to justify’ and ‘more demanding’, an adviser firm claims.

Pension experts, including the former Pensions Minister have backed the scrapping of ‘outdated’ guidance on DB transfers, saying that change was “long overdue” and the regulatory framework was “past its sell-by date”.