A breakdown of communication; failure to learn the lessons of the past; policy problems; improper planning; regulatory stalemate; and, of course, denial.

A perfect storm involving all these factors and more led to what Personal Finance Society CEO Keith Richards now candidly calls a 'DB debacle'.

In this episode, James Fitzgerald sits down with Richards to hear his side of the story.

It is an honest look at how the defined benefit (DB) pension transfer scandal unfolded, from the perspective of a key industry stakeholder trying to unite an overlooked and occasionally divided profession in the face of huge regulatory and business pressures.

Notably, Richards also reflects on the FCA and Treasury's 'failed' Financial Advice Market Review, and describes how Brexit arrived at precisely the wrong moment for a multi-pronged taskforce consisting of industry representatives, lobbyists, consumer protection experts, ministers and civil servants to make any meaningful progress.

Will lobbyists like Richard make any ground? It is entirely possible, Richards argues, but the government must come back to the table first. Consider that gauntlet thoroughly thrown down.