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.
FG 21/3 – client objectives
Alistair MacDougall Compliance Drawdown, FCA, ML, Pension, Pension Transfer, PI, transfer
Following on from our previous articles on FG21/3, we will look today at another of the interesting areas covered by the guidance. It goes without saying that the guidance itself is helpful, reiterating and emphasising previous rules and guidance and clarifying some areas that were arguably fuzzy before. However, as well as the actual content, […]