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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.”


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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.

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