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PFS-led taskforce to publish pensions advice code in wake of British Steel

A taskforce set up by the Personal Finance Society is to publish a code of professional standards for pensions advice.

The taskforce is led by PFS chief executive Keith Richards.

The members of the taskforce are former pensions minister and Royal London policy director Steve Webb, consultant and former FCA technical specialist Rory Percival, Pensions Administration Standards Association chair Margaret Snowdon, UK Workplace Solutions chief executive Simon Chrystal, FCA consumer panel member Sue Lewis and The Pensions Advisory Service chief executive Michelle Cracknell.

Other specialists and representatives from professional indemnity insurers will also be part of the group.

With meetings taking place twice a month, the group wants to establish a set of professional standards as well as unite advisers on key issues.

British Steel members not given suitability reports before transferring

Richards says the code of conduct will give clear guidance on “areas of ambiguity” related to advice following pension freedoms.

He says: “The taskforce has already started to develop a voluntary pension freedoms advice code, which will be made available to the public to provide greater transparency about what to expect from advisers.”

Richards adds: “Demand for professional advice continues to grow in the wake of pension freedoms, coupled with the evident financial planning needs of an aging demographic.

“But some of the resultant unintended consequences, highlighted in part by the British Steel Pension Scheme fiasco, demonstrate just how quickly public trust and sector reputation can be impacted.”

Webb says: “With PI insurers becoming increasingly nervous, anything to provide reassurance that advisers are dedicated to doing the best for the clients is very welcome and will help to facilitate high quality, impartial advice for those considering a transfer in the future.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Looking at the members of the panel, all of them excellent in their own sphere so maybe they can come up with some really good standards that advisers will be pleased to follow. Standards are what are needed and also clear defined processes.

  2. As long as those processes are recognised by FCA and FOS formerly otherwise its good but not great

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