New Abridged Advice Report Template & PS20/06 Rules for DB Transfer

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

ATEB suitability Customer Support

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

ATEB Suitability provides report writing software for the financial services market.

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About the Author

Director - Having joined us directly from university, David quickly developed into an indispensable member of the team. As our IT Director he is responsible for ATEB’s technology strategies, security systems and platforms. He has been at the forefront of the development of ATEB Suitability and instrumental in ensuring that the complex regulatory requirements are catered for in an interactive and intuitive fashion. He would be delighted to discuss its capabilities with you in more detail.

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