Regulatory Alerts2019-07-29
Added · Updated
PS20/6 Pension transfer advice: feedback on CP19/25 and our final rules and guidance
The Financial Conduct Authority implements a ban on contingent charging for pension transfer and conversion advice, requiring firms to charge the same monetary amount regardless of whether a transfer proceeds, with specific carve-outs for consumers unable to afford non-contingent fees. Firms must now consider a workplace pension scheme as a destination for transfers, provide personalized charge disclosures before advice begins, and ensure consumers demonstrate understanding of risks before concluding the process. Pension transfer specialists are required to complete 15 hours of continuing professional development annually, and firms must submit new data on professional indemnity insurance exclusions and pension transfer activity. These final rules and guidance become effective on 1 October 2020, with specific guidance on triage services and estimated transfer values effective from 15 June 2020.
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