We completed the latest upgrade to ATEB Suitability on 30th September 2020. This update brings our DB Transfer reports in line with the FCA’s new PS20/06 rules and provides a facility for creating Abridged Advice Reports.
The upgrades are shown below ‘at a glance’ and come at no additional cost:
- The new mandatory one-page Pension Transfer Summary;
- Additional Workplace Pension Scheme Options;
- A new Abridged Advice Report Template;
- Expanded descriptive text for TVC.
Full details of the upgrades/changes can be found if you scroll down to the tables below.
For more information on PS20/06 please read our sister firm ATEB Consulting’s articles here:
https://www.atebconsulting.co.uk/news/ps2006-part-five-and-finally/
Major Application Enhancements
| Change at a glance | Location | Detail |
| Addition of new core template to accommodate for Abridged Advice reports. | Create a New Report → Select Type: Abridged Advice Report → Start Report | The new template provides a framework to assist firms in the production of DB Transfer Abridged Advice reports. |
Suitability Report Enhancements
| Change at a glance | Location | Detail |
| Addition of new mandatory one-page Summary of Advice for DB Transfer Reports | Introduction to Advice → Defined Benefit Review – Summary of Advice | When providing DB Transfer Full Advice there is now a requirement to include a one-page Summary of Advice in an FCA prescribed format. |
| Expansion of Transfer Value Comparator & Critical Yield Text | Retirement Plans → Existing Defined Benefit Scheme or Other Occupational → Pension Transfer TVC / Pension Transfer Critical Yield | The new options and descriptive text are designed to provide a comprehensive explanation of the TVC, CY and Hurdle Rate analysis. |
| Consideration of the availability of a Workplace Pension Scheme during a Full Advice DB Transfer Report | Retirement Plans → Existing Defined Benefit Scheme or Other Occupational → Plan Details → Qualifying DC WPS | If a qualifying DC WPS is available to a client the adviser will be prompted for the required justification as to why it is or isn’t a suitable retirement vehicle. Advisers can also recommend transferring a DB Scheme to a DC WPS. |
Please also see our collection of ‘how to’ guides, articles and hints/tips via our FAQs which are available now on our Help & Support Portal.
Our support team are available 9am – 5pm / Mon – Fri to answer any further questions you may have support@atebsuitability.co.uk / 0191 338 8177.
Many thanks
New Data Integration with Scottish Widows Platform
Doug McFarlane Suitability 2016, 2024, content management, Data Integration, ML, platform, T.Bailey, transfer, Update
We are thrilled to announce that Scottish Widows Platform has been added to our list of integration partners. Presenting a seamless integration between Scottish Widows Platform and ATEB Suitability. Improved efficiency in creating suitability reports! Within Scottish Widows Platform, you can access ATEB Suitability directly and pre-populate your client data within our […]