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Six hundred advice firms adopt PFS DB transfer standard

More than 600 firms have signed up to the Personal Finance Society’s new standard aimed to improve defined benefit transfers since its launch last month.

It consists of consumer guide for DB transfers that is meant to help consumers better understand what to expect from regulated financial advice.

The guide defines an adviser code based on nine principles underpinning good practice when giving pension transfer advice.

More than 200 advice firms signed up to the code a week after the launch.

Aon partner David Bunkle says: “We think that anything which drives adoption of best practice across the advice community and helps pension scheme members to access high quality advice is a good thing.

“It is good to see this initiative taking off and we expect our clients will be keen to note that IFAs have the Gold Standard.”

The PFS chief executive and pension advice taskforce chair Keith Richards adds: “The overwhelming response and support of the Gold Standard represents the professionalism of the majority who are passionate about their profession, but who also recognise that we need to be more united behind the best outcomes for the public, not just the clients who already trust us.”

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Comments

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

  1. How do you know they comply?

  2. I’m more curious as to where they are going to get their PI cover from?

  3. David Bashforth 23rd May 2019 at 11:04 pm

    I would argue that the reason uptake has been strong has more to do with the fact that not to have this shiny new label would put a firm in this market at a commercial disadvantage, because there is no cost attached, and because it is available to all and not restricted to Chartered members

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