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Cashflow modeller branches out into transfer tools

File image of a pension savings potWelsh cashflow planning software provider CashCalc has partnered with former FCA technical specialist Rory Percival to launch a transfer value comparator tool.

The launch follows the release of the FCA’s revised guidance on defined benefit pension transfers last week.

The regulator mandated earlier this year that all transfer specialists complete a transfer value comparator along with an appropriate pension transfer analysis from 1 October 2018. 

CashCalc director Ray Adams says building software that decreases the complexity of DB analysis can help advisers meet regulator requirements.

Adams says: “The new TVC rules from the FCA are fantastic because before clients were simply comparing a small and a big figure. But now we can easily demonstrate what is required to buy these benefits and the system that we have built does that.”

CashCalc users will pay a fee of £30 a month plus tax to access the tool on top of existing services with the provider.

In the FCA’s latest paper, however, the FCA warns against providing a transfer value to clients as part of a triage process, as this could potential constitute advice, raising the question of whether an advanced cashflow system should also be used by planners at an early stage to help a client decide whether or not to take full advice.

FCA: Our job is not to please everyone on DB transfers

The regulator says an effective APTA should prove the the suitability of an adviser’s personal recommendation of why a transfer may or may not be in a client’s best interests.

A poll conducted by Money Marketing this week shows a majority of advisers support the FCA’s new requirement to provide a suitability report, even if they recommend a client not to transfer out of a defined benefit scheme.

Adams says: “I’ve accepted over the years that DB analysis is complicated, but it doesn’t need to be because we can build software to take away some of the complexity.”



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