View more on these topics

Qualification launched to help avoid straying into advice

Studying-Student-Education-University-Uniball-Pen-700.jpg

The Pensions Management Institute has launched a new qualification to help stop people straying into regulated advice when giving information to pension scheme members.

The Certificate in Pension Scheme Member Guidance is aimed at consultants and administators with customer facing roles but without advice permissions.

Topics include transfers and how pensions interact with divorce.

Final assessment will be over the phone via role-pay conversations with the rest of the course completed online.

The first successful candidates will be qualified by the end of 2016.

PMI president Kevin LeGrand says: “The industry has an ongoing issue that is extremely difficult to reconcile – the ability to fully explain and help members and pension savers on their pension and retirement options, while at the same time not straying into the financial advice trap.

“It is a travesty that people might not be getting the help they need because pension professionals live in fear of making a mistake. Our new certificate in pension scheme member guidance will provide a firm basis of knowledge from which pension consultants and administrators can speak with confidence and do their very best to help people achieve the best retirement prospects possible.”

Recommended

Nick Bamford: Soft skills crucial to deliver robust advice

Know your customer is an essential part of delivering the best advice. As advisers we are often in the position of knowing an awful lot of private and confidential facts about our clients. In some cases we know more than even close family members do. This is an essential part of the trusting relationship that […]

Warning-Sign-Danger-Warn-700x450.jpg

Royal London launches drawdown warning system for advisers

Royal London is launching an “early warning” system for advisers with clients in its drawdown product. The mutual saw a 67 per cent increase in sales over 2015 but cautions new drawdown customers face “financial detriment” if they are unaware of issues such as inflation and investment risk. The new service will alert advisers if […]

Can UK companies satisfy global appetites?

By Mark Martin, Manager of Neptune UK Mid Cap Fund

Rapid economic and income growth is leading to a dramatic shift in diet towards protein products right around the globe. UK companies such as Genus, the world’s largest livestock breeder, are benefiting from this increasing demand. Mark Martin, manager of the Neptune UK Mid Cap Fund, discusses this investment theme.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 8 comments at the moment, we would lover to hear your opinion too.

  1. You must be having a laugh. A qualification in how to not do something? Whatever will they think of next? Amazing

    • I think I might do it. I like being helpful and explaining things like advantages and disadvantages of any course of action, but donlt really want to loose my property as a result of trying my best to help.

  2. Alternatively, they could give us back the Longstop 🙂

  3. Couldn’t agree more Marty Y. Bit like the FCA, “we exist, so we must find something to do”.

  4. All extra revenue for them.

  5. Spot on Mart Y.

    “A qualification in how to not do something?”

    Priceless.

  6. ….’If it looks and feels like advice, it probably is advice’

  7. The very idea that those providing guidance need now to be tested to ensure that they steer clear of saying anything that might be construed as advice rather suggests that the whole guidance thing has raised people’s expectations that they can get at somebody else’s expense something that they can’t. It encourages them to walk down what can only be, ultimately, a cul de sac.

    What it boils down to is that pensions (above all other subjects) is a complex area within which there’s a myriad range of options through which only a qualified and regulated adviser can navigate on a case by case basis towards the most appropriate solution for each individual. All the guidance, information and explanatory documentation, etc cannot bypass that fundamental reality.

    Hence my suggestions that pre-retirement packs should be fronted by a single, bullet point Fact Sheet and that OM should be the default option funded by a redeemable voucher for the initial consultation with an adviser. Surely that would be so much more cost effective than all these guidance bodies and the shortest route to getting members of the public engaging face to face with someone in a position to explain to them the most appropriate course of action and then help them actually see it through to completion. Guidance organisations simply cannot do those things.

Leave a comment