The FCA has launched a probe into DB transfer advice given by advisers at Lighthouse Group - now part of Quilter.

The FCA’s long awaited DB transfer review was published today with, seemingly, a ban on contingent charging which turns out to be not a complete ban after all.

The FCA says that 47% of the DB pension transfer advice given to members of the British Steel Pension Scheme was ’unsuitable’ with only 21% ’suitable.’

The Financial Conduct Authority says it will ban most contingent charging on DB pension transfers as part of a raft of measures designed to tackle ‘weaknesses’ in the DB transfer market.