With full credit to Gavin Lumsden of New Model Adviser in this instance, for those of you struggling, as is generally the case, to find some objectivity amongst the ‘In or Out’ debate, we found this article to be informative.
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We wrote recently about the Conduct Rules and, in particular, breaches and notifications . See here. This article is intended to clarify some of the grey around COCON breaches. All of the following is taken from Policy Statement PS 18-14. When is disciplinary action required? When and how a firm decides to undertake disciplinary action […]
The rights of pension scheme members to transfer, that were established in the Pensions Act 2015 are no longer absolute from 30 November 2021. From that date, in an attempt to identify potential scams and prevent members becoming victims, trustees and scheme managers must ensure specific checks are made before complying with a member’s […]
We previously issued a newsletter in February 2021, outlining government proposals to increase the Normal Minimum Pension Age (NMPA) from 55 to 57, with the change due to come into effect from 6 April 2028. This means that from April 2028, the earliest a member of a pension scheme will be able to access their […]
Policy Statement PS20-06 states: “A firm may set a different level of non-contingent charges if they are not undertaking the full range of advising and related services that are normally provided alongside DB transfer advice. For example, if a firm is not advising on the proposed destination for the funds, it could offer lower charges […]
Pension transfers – considering life cover
Alistair MacDougall Compliance 2015, Drawdown, FCA, Pension, Pension Transfer, PI, transfer
We have seen a very large number of pension transfer suitability reports since the introduction of the pension freedoms that came out of the Pensions Act 2015. Many of these displayed two common threads running through the recommendation. First, many of the clients apparently wanted ‘flexibility’. Second, those same clients wanted ‘control’. These two […]