The Pensions Regulator has issued new guidance to schemes today, requiring them to provide members requesting a transfer out with additional information and warnings. The full guidance can be read here.
In summary, the regulator is calling on scheme trustees to:
- highlight the free, impartial pensions guidance from Pension Wise, including phone appointments and online information;
- encourage members to take regulated advice to understand their retirement options;
- identify increased risks in how a member has decided to access their pension funds and give appropriate warnings of the risks and implications of their chosen option;
- send all DB members requesting a cash equivalent transfer value (CETV) a template letter signed by TPR, the Financial Conduct Authority (FCA) and the Money and Pensions Service, which runs The Pensions Advisory Service;
- monitor CETV requests and inform FCA of unusual or concerning patterns, such as spikes or the same adviser across multitude of requests.
FCA expectations – temporary long term absence
Richard Foster Compliance 2020, 2021, Certification, Conduct, Directory, FCA, PI, Register, Senior Manager, transfer
Following consultation in CP20/23, which was published in December 2020, the FCA has made changes to the Handbook. The affected sections are: SYSC 25.4 FIT 1.3 SUP 10A.14, 10C.9, 10C.10, 10C.11, 10C.14, 10C Annex 2G and 10C Annex 6R Form D In summary, the changes to the Handbook are intended to reflect the FCA’s […]