Retirement product provider Just Group has launched a digital platform that will offer transfer value analysis services.
Just Group is starting the wholly-owned HUB Pension Solutions to provide support services for trustees, scheme sponsors and appointed advisers.
The launch of the new services comes two months after the FCA’s policy statement on defined benefit transfers in March.
In the statement, the FCA says advisers accepting free TVAS software could be seen to be in breach of inducement rules brought in this year under MIFID II.
A Money Marketing poll conducted last month shows 63 per cent of respondents believe advisers should run their own TVAS reports.
However, HUB companies chief executive David Cooper says the group’s real-time platform, which is paid for by the scheme or its appointed advisers, is a positive move for the defined benefits transfer market.
He says: “The FCA want to ensure this market is safer for consumers and our new service delivers help direct to members before advice is even considered.”
He adds: “HUB Pension Solutions uses digital technology to radically disrupt the way scheme specific information can be interrogated and delivered to pension scheme members and financial advisers.”