The FCA has published a new 17-minute video for consumers to help them understand pension transfer advice. The video, which can be viewed here, explains the FCA’s expectations of financial advisers when they provide pension transfer advice and outlines the process which advisers should follow. It highlights the key information advisers should provide and the questions they should be asking.
Aspects covered include:
- disclosure of costs & services;
- a detailed analysis of personal circumstances
- content of a suitability report
- any ongoing services which may be recommended.
The FCA make it clear at outset that their message to advisers is, and always has been very clear, that generally it will not be in a client’s best interest to leave a pension scheme that will give them a guaranteed and sustainable income when they retire.
A transcript of the video is also available.
Improving the Appointed Representatives Regime
Michael Senior Compliance complaints, FCA, Mortgage, Register
The FCA has consulted on proposed changes to the Appointed Representatives (AR) regime. The proposed changes aim to reduce potential harm arising across the sectors where they operate. The context in which these changes are considered necessary is that FCA data show that principals have more complaints per £1m of revenue compared to non-principals, […]