View more on these topics

FCA starts fourth round of pension transfer advice suitability work

Magnifying-Glass-in-Hand-700.jpgThe FCA will collect data from around 3,000 advisers in the next round of its ongoing work on advice suitability relating to pension transfers.

The data collection exercise is targeting advisers that conduct pension transfers and the results will be published next year.

Speaking at a press conference following the FCA’s annual public meeting today, FCA supervision director Megan Butler says: “The key piece, that we are actually engaged in at the moment in that sector, is much more focused on the DB to DC to advice piece within suitability more broadly.”

Confusion reigns over new suitability standards

Butler says: “We’ve had three rounds of assessment and testing quality of advice in this area and we are going to move to the fourth round.”

She says the three rounds so far have been done on a “sample basis” but the fourth round will gather data from more than 3,000 advisers.

Butler says the regulator is contacting that number of advisers so it can make sure it is “extrapolating properly” its conclusions across the sector.

She says: “Aside from that we are getting more and more intelligence about those who might be engaging in activities that can cause harm. This intelligence can come from other advisers and the public.”

Butler adds: “And we are able to make an increasing use of that, as this gets increasing coverage, people are more willing to come to us, so we can take action against individual firms, which we continue to do.”

In October last year, the FCA released findings of an assessment of defined benefit transfer advice showing just 47 per cent were rated suitable.


Fidelity advice business ushers in new boss

Fidelity has confirmed a change in leadership for its advice business Fidelity Retirement Services. Former Fidelity personal investing head Jonathan Hewitt has left the business with Stuart Welch, who also oversees Fidelity’s share dealing service, taking on that role. As personal investing head, Hewitt was responsible for Fidelity’s advice business as well as its direct-to-consumer […]

Aegon brings in KPMG for £8bn Nationwide Cofunds migration

Management consultancy KPMG will be supporting Aegon to replatform £8bn of Nationwide assets from Cofunds to its new platform, Money Marketing understands. According to industry sources KPMG will be providing management consultancy support to the project which follows the insurer’s complaint-addled project to replatform Cofunds clients in May. Aegon purchased both the Cofunds retail platform, […]

education, school fees

Pinpoint school fees planning

Many parents value the standard of education offered by independent schools and will pay for that privilege. Planning for the fee payments can help. Even if the children do not go to an independent school, they could go to university. In this case, the children can end up with a huge outstanding student loan which […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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