The FCA has published CP17/28, a consultation paper on the proposal to formalise rules on dealing with insistent clients. The rules will be based on what was originally guidance in Factsheet 035 (February and June 2016) in relation to pension reforms. However, the rules will apply to any kind of business not just pensions transfers, conversions or opt-outs.
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Since the pension freedoms came into being in April 2015, there has been a marked increase in the number of clients wishing to effect a pension transfer contrary to advice received. The FCA intends to formalise guidance to advisers in new rules in response to the feedback they have received from firms. The consultation paper gives firms an opportunity to give more direct feedback to the FCA. It is worth reading even if you do not intend to give feedback so you can get a feel for what is coming.
Read the fact sheet and consultation paper.
If you need any more information meantime, contact your usual ATEB consultant or click here.
We completed the latest upgrade to ATEB Suitability on 20th March 2022. This update comes at no additional cost and includes new Content Integrations as well as a number of additions to our Content Management libraries. New Content Integration with Defaqto Engage Defaqto have supplied their risk profile definitions and descriptions from Defaqto Engage for […]
The FCA is devoting a great deal of weight to its upcoming Consumer Duty regulations. These will be finalised in July 2022 when the policy statement is expected. Final consultation closed on 15 February and can be read here. We wrote recently about the potential impact of the new rules on research and due […]
Readers will be aware that, following the invasion of Ukraine by Russia, the UK Government, together with other countries, has imposed a number of financial sanctions on organisations and individuals that are deemed to have connections with the Russian Government. While these are most likely to affect Banks, Investment Funds and other institutions that have […]
We have completed the latest upgrade to ATEB Suitability on 13th March 2022. This update comes at no additional cost and provides a number of Mortgage Advice template related enhancements and updates to the Retirement Advice functionality. Full details of the enhancements can be found in the tables below, but some of the highlights are: New […]
Pension Transfers – considering a workplace pension
Alistair MacDougall Compliance Defined Benefit, FCA, Pension, Pension Transfer, PI, Switch, transfer
We recently reviewed a pension transfer report where the client was recommended to transfer out of the defined benefit scheme into the client’s pre-existing SIPP. We considered that the recommendation to transfer appeared to be appropriate. However, the client had what the FCA calls an ‘available qualifying scheme’, more commonly referred to as a […]