Ryan Markham, Head of Member Options comments on LEBC’s withdrawal from the DB transfer market:

“The news of LEBC’s withdrawal from the advice market will likely send shockwaves through the industry. The FCA has obviously started to adjust its focus to target the bigger players in the market and higher concentrations of risk. To have such a large provider of advice exit the market will undoubtedly introduce further uncertainty, and damage confidence in the market. There is already a shortage of quality advice and schemes may now have to scramble for resource to fill the gap left by LEBC. Financial advisers should take this opportunity to reassure trustees who will, understandably, become more cautious by demonstrating robustness in their advice approach and process. The FCA is rightly highly concerned about the volume of members leaving DB and we await to see whether other large scale firms could also be impacted by this review.”