Regulatory Alerts2017-06-20
Added · Updated
PS18/6: Advising on Pension Transfers – feedback on CP17/16 and final rules and guidance
The Financial Conduct Authority finalizes rules requiring all advice on converting or transferring safeguarded benefits to result in a personal recommendation based on the consumer's individual circumstances. The document mandates that Pension Transfer Specialists check the entirety of the advice process, including the reasonableness of the recommendation, rather than just the numerical analysis. Final rules and guidance come into force on 1 April 2018, with specific provisions regarding transfer value comparators and pension transfer analysis effective from 1 October 2018, and changes to assumptions for revaluing benefits effective from 6 April 2019.
Topics
Share