Standard Life steadfast on decision to stop TVAS service

Retirement plan-pension-reportStandard Life confirms it has no plans to relaunch its suspended transfer value analysis service.

The provider was the first to axe this service after the FCA published its long awaited policy statement on defined benefit transfers at the end of March.

In the statement the FCA said accepting free TVAS software could be seen as a breach of strengthened inducement rules brought in under Mifid II.

These rules tightened regulations on accepting non-monetary benefits from providers.

A number of providers followed Standard Life’s lead and terminated their transfer value analysis services on the back of the FCA’s statement including LV=, Pru, Scottish Widows and Old Mutual Wealth.  

However at the beginning of May, Old Mutual Wealth launched a new TVAS service charging £150 plus VAT for each report.

Standard Life confirms it has no plans to launch a new service.

Financial planning propositions head Alastair Black tells Money Marketing: “We have no plans to launch a new service as the demand is not there from advisers and there are enough firms in the market that offer a paid-for service and can meet current demand.”



Old Mutual Wealth to charge £150 for TVAS reports

Old Mutual Wealth has launched a new transfer value analysis service after suspending its old service in March. Old Mutual Wealth stopped all transfer value analysis report services after the FCA said such offerings could act as inducements in it’s policy paper on defined benefit transfers. Standard Life, Prudential, LV= and Scottish Widows also suspended […]


IFAs fear cost of transfers will increase after TVAS services cut

Advisers fear the FCA’s desire to crack down on unsuitable defined benefit transfers is likely to increase costs for consumers. At the end of March the regulator published a policy statement on transfer advice that said accepting free transfer value analysis software now fell within its definition of inducements. Subsequently, providers including LV, Old Mutual […]

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Support for in-house TVAS grows after free services cancelled

Around two-thirds of advisers are in favour of doing their own transfer value analysis reports in-house, according to a Money Marketing survey. Less than 30 per cent said that advisers should not conduct their own reports, while 8 per cent remained unsure. At least five firms including LV=, Pru, Standard Life, Old Mutual Wealth and Scottish […]


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