Regulatory Alerts2018-03-22
Added · Updated
PS18/20: Improving the quality of pension transfer advice
The Financial Conduct Authority introduces final rules and guidance to improve the quality of advice for consumers transferring Defined Benefit pensions. Firms must provide suitability reports when recommending that a transfer should not be made, and Pension Transfer Specialists must hold specific investment advice qualifications by 1 October 2020. New requirements include guidance on two-adviser models, triage services, and assessing client attitudes to transfer risk, with specific effective dates ranging from immediate implementation to 6 April 2019.
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