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Rory Percival launches DB transfers guide

Rory-Percival-on-stage-at-Platforum-event-2013.jpgFormer FCA technical specialist Rory Percival has launched a practical guide aimed at advisers and compliance staff at firms providing advice on defined benefit transfers.

It is available from today and takes account of the FCA’s policy statement on advising on DB transfers published in March.

The guide has three main parts with the first on FCA rules and guidance covering such issues as assessing suitability guidance and introducing the transfer value comparator.

The second section is about suitability and sets out Percival’s view on the factors that help determine whether a transfer is suitable or not.

The final section is about why additional controls for transfers are needed and suggests options and good practice ideas for firms to consider.

There are also case studies throughout to highlight suitability issues and an annex providing a series of fact-finding questions firms can use to explore the client’s objectives, priorities and their attitude to transfer risk.

Percival says: “I attended a roundtable with the regulator a couple of months ago who said there are signs some firms are not keeping good client records generally. Specifically it is finding some advisers are not keeping good records on client’s objectives for a transfer.

“I hope this guide will help firms understand the regulatory position on DB transfers, understand the key issues around suitability, and help firms put in place appropriate controls to mitigate the risk to their firms.”


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Case study: administration — managing group life schemes

Our client leads the global market in high-tech electronics manufacturing and digital media. The trustees of the company’s final salary pension scheme insure death-in-service lump sum and dependants’ pension death benefits for active employees, as well as dependants’ pension benefits for deferred members (those who have left service).


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There are 4 comments at the moment, we would love to hear your opinion too.

  1. Has anyone read this, is it worth £300???

    • It’s cheaper than a day of consultancy …

    • Justin

      I have read it and would say it is well worth the price.

      It builds on the PFS Good Practice Guide – A practical guide to Pension Transfers from defined benefit to defined contribution but with lots more examples and good coverage of the subjective side of the subject and the nuances of what constitutes suitability.

      What I hope is that both of these documents have been read and understood by anyone at the FCA and FOS determining the quality and suitability of DB advice. If they haven’t then they are simply not competent to make a judgement

  2. “I have just read the FCA’s notice on DB transfers. The tone of the notice is frustrated and even threatening which is entirely fair… It says you’re rubbish, basically”. If only someone was selling a good DB transfer guide!

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