Retirement specialist Intelligent Pensions has agreed with the FCA to suspend its defined benefit pension transfer business.

According to a note published on the FCA register on Wednesday stated the Intelligent Pensions must: “Immediately cease to provide advice in relation to the transfer, or conversion, of safeguarded benefits under a pension scheme to flexible benefits.”

Intelligent Pensions was offering its DB transfer services on its website up until this morning. It stated that pension transfers “is a significant part” of its business.

An Intelligent Pensions spokesperson said: “Following discussions with the FCA we have voluntarily agreed to temporarily suspend offering advice and arranging DB transfers.

“We are working with legal and compliance experts and remain confident that our recommendations and advice process deliver good outcomes for our clients and that we will be able to demonstrate this to the FCA quickly.”

The FCA is expected to undertake a review of DB transfers in the coming months and has been urged by the industry to begin these consultations as soon as possible to avoid potential disruptions.

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