View more on these topics

Advisers get behind PFS DB transfer standard

Keith Richards

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.”

Recommended

paper men and women silhouettes

Women overtake men in workplace pensions

A higher proportion of women are now in workplace pensions than men according to Office for National Statistics figures published today. New data on workplace pension scheme membership drawn from the latest Annual Survey of Hours and Earnings for 2018 shows where workplace pensions saving is heading. It shows that among full-time and part-time workers, […]

Tapering of annual allowance – adjusted and threshold income

The definitions of adjusted income and threshold income used to determine whether, and to what extent, someone’s annual allowance will be reduced can be confusing.  Here we try to make sense of it all. The annual allowance will be reduced for high income individuals from 6 April 2016.  Our previous article Tapering of annual allowance […]

1

Keith Richards: Partial transfers vital for freedoms

Pension transfers have come under a lot of scrutiny in recent years, due in no small part to the highly publicised mishandling of the British Steel scheme early last year. The fallout from that fiasco has risked damaging public trust in the wider profession. Partial transfers have been an option within pension schemes from as […]

1

FOS hit with 48 Sipp investment complaints in one year

Twenty-two Sipp providers have referred 48 investment related complaints to the Financial Ombudsman Service over the past 12 months a Freedom of Information Request Act has found. Last November Money Marketing reported the watchdog wrote a letter to Sipp providers asking them to give information about their business activity. This data request followed the watchdog’s […]

Looking to buy EM equities on weakness

With economic growth beginning to look like it’s picking up a little, Trevor Greetham, Head of Multi Asset at Royal London Asset Management considers whether it’s time to be looking at buying dips in emerging market equities. Read the article here Past performance is no guide to the future. The value of investments and the […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. I have reviewed the material before our company decides to implement it and although it all appears to make sense it was disappointing to see some glaring errors in the supporting paperwork. For instance in the practitioners guide the promoting the guidance is principle 1 instead of 9. In the short guide that goes to the consumer the principles are listed as 1-4 twice instead of 1-8. Surely someone proof reads this material before posting it!

  2. David Bashforth 17th April 2019 at 10:13 pm

    Sorry, I just don’t believe most firms are behind it, they’ve applied because they have to to remain attractive to clients, because it’s free, and because you don’t have to be Chartered to get it. Sticking a gold coloured plaster over a festering wound is not going to fix the problem. This is another unwelcome admin task that dilutes the value of Chartered status which the PFS seem no longer to place much store in given they were handing badges out like confetti at last Autumns regional events.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com