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.”

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