More than 200 advice firms have signed up to the recently launched code of good practice for advisers who specialise in defined benefit transfers.
On 9 April, a taskforce set up by the Personal Finance Society launched their new consumer guide to help the public better understand what to expect from regulated financial advice in this area.
This new guide is the result of close collaboration between all parts of the pension sector, including financial advisers, consumer bodies, and regulators working together with a common objective to deliver better consumer outcomes.
The adviser code is based on nine principles underpinning good practice when giving pension transfer advice.
These nine principles include helping clients understand when advice is appropriate and ensuring it supports the clients’ overall well-being in the context of their stated objectives.
PFS chief executive Keith Richards says: “The overwhelming response and support of the Gold Standard represents the cultural and professionalism of the majority who are passionate about their profession but recognise that we need to be more united behind the best outcomes for the public, not just the clients who already trust us.
“As a PFS led initiative, I cannot emphasize enough the value this sector-wide collaboration will deliver in terms of public trust and protecting the reputation of the profession.”