Provider Selectapension has no plans to reopen its bureau that executed defined benefit advice, Money Marketing can confirm.
In June 2017 Selectapension’s advice partner CFPML was visited by the FCA for an audit, which resulted in the firm deciding to voluntarily suspend cases while it made changes to processes and cleared outstanding backlog.
At the time, Selectapension said it was looking to resume new cases “at the earliest opportunity,” confirming this was set to happen in October 2017.
However this was delayed as the FCA placed a restriction on CFPML in November 2017, which resulted in Selectapension losing its advice partner, which was needed to keep the bureau going.
On the back of losing CFPML, Selectapension managing director Andy McCabe said in November Selectapension was “reviewing” its proposition covering DB transfer advice services but would continue to offer transfer value analysis reports.
Now Selectapension director Peter Bradshaw says the firm has decided it will not find a new advice partner, which means the bureau will not be restarted.
He adds this decision was made in November last year and there are no intentions to return to the market.