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 Compliance is now Thistle Initiatives
Huw Reynolds Compliance email, Update
Our new website is: www.thistleinitiatives.co.uk and you can keep up to date with all of our usual regulatory and company updates here.