Compliance and regulatory matters
Expert insight to help you stay up to date with changing regulation
Pension transfer advice: the finalised guidance
The FCA issued their final rules relating to DB pension transfer advice in June 2020. In order to support firms offering this type of advice to clients, the regulator subsequently issued Finalised Guidance (FG21/3) in March 2021.
As a result of the new guidance, the regulator believes it is likely that firms will need to make changes to how they:
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- Collect information about their client’s circumstances to give suitable advice
- Use the information they collect to assess whether a DB transfer is suitable
- Communicate their advice effectively to consumers.
New legislation was introduced on 1 February 2021 requiring pension providers to offer Investment Pathways to certain individuals entering or topping up drawdown arrangements. Here, Paul Squirrell, our pension expert, looks at the background to this legislation and what it means for advisers and clients of the FundsNetwork Pension.Download now
Making transfers simpler
In order to make transfers between platforms easier, the FCA are introducing some new rules from 1 February 2021. In future, platforms will be required to work together to find common share classes so that more in-specie transfers (re-registrations) can take placeDownload summary
How are transfers changing?
As part of the Meeting of Minds event with Owen James, Jennifer Belton, Senior Manager, Adviser Experience at FundsNetwork spoke to advisers about how transfers between platforms are changing in light of new FCA guidance.
The UK Financial Services Compensation Scheme (FSCS) and EU-domiciled funds
Now that the UK has left the EU, the FSCS protections in place have remained the same. However, access to other schemes in EU countries may have been affected. Here is a brief summary of the rules in place.Download summary
Pension transfer advice - A summary of the FCA’s current guidance and rules
A five-page summary of the main areas covered by the FCA‘s Policy Statement PS18/20 on improving the quality of pension transfer advice.Download summary