The FCA has issued two unambiguously titled pension alerts that are essential reading for advisers that provide advice on pension transfers.
We will not summarise the documents here as they are concise, self-explanatory and very relevant. Follow the links below to read the alerts.
‘Advising on pension transfers – our expectations’ is aimed directly at advisory firms.
‘Pension scheme operators are at risk from smarter scams’ will also be of interest to advisers.
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These alerts are essential reading for every firm and adviser involved with Pension Transfer advice.
What might this indicate about the FCA’s areas of focus?
The outcome of CP19/20 could have far reaching implications for firms.
All is not what it seems when considering the risk tolerance rating of different funds.
The FCA is proposing a series of wide ranging changes in relation to pension transfer advice, including a ban on contingent charging.
Reasons for recommending a transfer or switch that are open to challenge
Alistair MacDougall Compliance 2017, DB Pension, FCA, Pension, Pension Transfer, PI, Switch
CP19/25 highlighted some commonly used reasons to transfer/switch that often do not stand up to close scrutiny.