Qualification requirements for Pension Transfer Specialists

PS18/20 introduced rules to raise qualification levels for pension transfer specialists (PTSs) to require them to obtain the same qualification as an investment adviser, alongside the existing PTS qualification. The implementation of these rules was delayed by a year due to coronavirus, but will come into force from 1 October 2021. Any PTSs who are yet to complete their qualifications will need to ensure that they are appropriately qualified by that date to continue advising on, or checking advice on, pension transfers.

It is also worth noting that the exam standard for ApEx 21 has been amended to take account of developments in the pensions landscape following the introduction of the freedoms and the mandatory advice requirement, as well as the rules and guidance in PS18/6 and related consultation papers. The exam standard covers personal recommendations and advice boundary issues, appropriate pension transfer analysis (APTA) and transfer value comparator (TVC), overseas advice and taxation.

Firms are required to review employees’ competence on a regular and frequent basis and take appropriate action to ensure that staff remain competent for their role. This requirement should address any gap-filling issues arising out of the changes to the exam standard.

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

ATEB Suitability provides report writing software for the financial services market.

Our View

For information.

Action Required By You

For information.
CREATE BEAUTIFUL
SUITABILITY
REPORTS
TAKE BACK
CONTROL OF YOUR
SUITABILITY REPORT
PRODUCTION
SUITABILITY
REPORTS
WITH FULL
COMPLIANCE
CONFIDENCE
HANDS-ON COMPLIANCE
Helping you to implement solutions
FILE CHECKING
All business cases checked, including DB transfers
Section 166 and
Regulatory Reviews
Extensive S166 experience
Audits and
Health Checks
Need a regulatory check-up?
E-COMPLIANCE
A lighter touch support service
FCA Applications
We have completed hundreds
of Part IV applications
previous arrow
next arrow
Slider

About the Author

John is Chartered Financial Planner and a Fellow. With a wealth of financial services experience, including as a successful adviser, John is a long standing ATEB consultant, with a proven track record of delivering robust compliance and T&C solutions across all regulatory disciplines.

Contact Us

Brought to you by

Explore more articles in this category

Other articles that you might be interested in