A big number of IFA groups are already asking advisers to use independent transfer value analysis systems and more will do so in the future, says TVAS provider O&M Systems.
Director Graham Miller says most networks, including Sage Financial Services, Inter-Alliance and Burns Anderson, are already suggesting that advisers use independent reports for pension transfers.
He says there is still a role for life offices' TVAS reports which are often used by advisers to carry out a preliminary check on clients to find out whether they need to do a transfer.
Support services prov-ider Simply Biz pensions technical manager Keely Paddon says the group's advisers have moved away from referring clients on to G60-qualified pension specialists for transfers.
She says many members are more comfortable using independent TVAS reports for detailed client reports rather than passing business on to rival firms.
Paddon says she thinks advisers will continue to use life office systems for initial checks but in the future more will go for opt-ions such as O&M.
Miller says: “IFAs are charged for a service that includes the production of a TVAS report, not just for the TVAS. The distinction is important since the service incorporates the initial contact with the occupational scheme and clarification of missing and inconsistent data.
“By sub-contracting this work to O&M for a fee, most IFAs regard this as a free service as their client would normally pay O&M's fee.”