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.
Regulatory permission – use it or lose it
Michael Senior Compliance 2021, FCA, ML, protection, Register
The FCA has published draft guidance on a new power that allows it to move faster to remove regulatory permissions that are no longer being used by financial services firms. Responses to the consultation (CP21/28) close on 29 October 2021. The driver behind the proposed power is the regulator’s belief that incorrect or outdated permissions […]