SimplyBiz has added a fourth partner to its defined benefit pension transfer referral panel.
Peterborough-based Tuto joins Grove Pension Solutions, Pensionhelp and Creative Wealth Management on the panel.
SimplyBiz compliance director Gary Kershaw says: “While talking to potential partners and then undergoing the due diligence process with Tuto, I felt comfortable that its approach to upholding regulatory requirements, working closely with advisers and thoroughly evaluating the needs and circumstances of each client were in-line with those of the group and our members.”
Kershaw says a quarter of the 3000 calls to SimplyBiz’s pension helpdesk relate to DB transfer queries.
SimplyBiz also still has a relationship with Selectapension.
In July last year, Selectapension suspended its DB pension transfer business after an FCA audit of its outsourced advice firm CFPML.
After the suspension of service was revealed, Kershaw said: “Selectapension has done this just to catch up on workloads. We have got no reason to not have a relationship with them. It’s got nothing to do with the request from the FCA whatsoever.”
In November last year, Money Marketing reported that Selectapension was continuing to provide transfer value analysis services but that its return to the defined benefit transfer space would be delayed due to an FCA restriction placed on CFPML.