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.
Dear CEO General Insurance Intermediaries Client Money Arrangements
Michael Senior Compliance FCA, protected, protection, transfer
Following a series of financial resilience surveys and a letter issued in September last year the FCA has issued a Dear CEO letter about adequate client money arrangements, that can be accessed here. The FCA is keen to ensure client money is adequately protected, that firms follow the CASS 5 rules and review arrangement […]