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Non-compliant pension transfer advice calculation remains appropriate, UK FCA says

( August 2, 2022, 10:41 GMT | Official Statement) -- MLex Summary: Pension advice firms that recommend consumers transfer out of defined benefit pension schemes should provide compensation, to ensure that such individuals are in the position they would be in if they'd received suitable advice, the UK financial regulator said today. The Financial Conduct Authority set out its thinking in a consultation paper, and said it would make no major changes to its methodology for calculating this redress, but proposed some improvements.Statement follows. Consultation paper, Deloitte technical advice and independent legal analysis attached....

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