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.
Conduct Rules Breaches – follow up
Huw Reynolds Compliance Conduct, FCA, Pension, Senior Manager, Update
We wrote recently about the Conduct Rules and, in particular, breaches and notifications . See here. This article is intended to clarify some of the grey around COCON breaches. All of the following is taken from Policy Statement PS 18-14. When is disciplinary action required? When and how a firm decides to undertake disciplinary action […]