The FCA is reviewing the content of its pension transfer specialist examination standard in light of recent issues with pension transfer advice, Money Marketing understands.
The regulator does not offer qualifications but it does have a role in setting standards for exams and publishes “appropriate examination standards” guidance.
Money Marketing understands a working group, mostly made up of people from training organisations, met this week to discuss the regulator’s proposed amendments to ApEx21, the appropriate exam standard number for the pension transfer specialist exam standard.
The group was also canvassing views on further areas to include in ApEx21.
It is understood that if a decision is made to update the exam standard then the FCA will consult with the wider industry.
According to the FCA website, it expects to review its exam standards every three to five years, based on need.
Qualification providers use the appropriate examination standards to develop their syllabi and learning materials.
Nine advice firms have stopped advising on pension transfers following the British Steel pension crisis. One of the firms, Active Wealth, has now gone into liquidation and the Financial Services Compensation Scheme is preparing to declare it in default.