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FCA drops contingent charging ban as transfer specialists forced to take investment exams

Pension transfer specialists will have to get the same qualifications as an investment adviser in addition to the existing specialist qualification, the FCA has ruled today. After months of consultation, the regulator has produced new rules and guidance aimed at improving defined benefit transfer advice. While it has stopped short of a contingent charging ban, […]

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How much are advisers charging for pension transfers?

Defined benefit pension transfer charges are being put under the microscope again as the regulator turns over more potential conflicts of interest. With the British Steel Pension Scheme the latest to dominate headlines and the FCA ready to interrogate further as it extends its review to include all firms authorised to give pension transfer advice, […]

FCA consults further on pension transfer advice

Robin Nimmo, Strategic Insight Manager at Royal London, considers the latest FCA consultation paper on pension transfer advice. On Monday 26 March the FCA published CP18/7, a further consultation on improving the quality of pension transfer advice, alongside its much awaited response PS18/6 to the previous consultation Advising on Pension Transfers. Let’s look at what is contained in this latest […]

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Yes ~ if only to guard against a future complaint (which is, increasingly, what this whole cursed business is becoming about).

  2. How else can you back your advice if there is no SR?
    In years to come some ambulance chaser will come and say that, due to the early demise of your client, their surviving partner has lost the gargantuan CETV that was available when you advised against a transfer.
    And they want their pound of flesh.

  3. Of course – “don’t transfer” is advice just as much as “transfer” is.

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