Significant changes to the rules around pension transfer advice apply as from 1 October 2020. The changes include, the option of abridged advice, new requirements for suitability reports, the need to consider a workplace pension as the destination for transferred funds and, not least, the ban on contingent charging.
We have published summaries of the rules in previous articles which you can read here.
To supplement those summary articles, we will be running a series of webinars, starting late October, that will provide more detailed explanation of what is required and how firms can satisfy the new rules.
The ongoing advice charge conundrum
Paul Jay Compliance 2018, Conduct, FCA, MiFID
A high proportion of advice firms operate a largely recurring income model and with this comes the obligation to conduct client reviews. This is a subject that raises its head frequently with firms, especially with Consumer Duty considerations. Reviews are nothing new but when MiFID II came into effect on 3rd January 2018 it introduced […]