Defined benefit pension transfers (DB Pension Transfers) have been the focus of the FCA’s attention for many years with regular suitability reviews since 2015.
Its findings from these reviews suggest that:
- insufficient information is being gathered about clients’ circumstances by advisers in order to be able to demonstrate suitability, and
- only half of the cases it reviewed were demonstrably suitable
The consumer investment market has remained a priority the FCA’s 2020/21 Business Plan and will likely remain a priority for the next few years.
In order to put yourself in the best position to protect yourself from this increased regulatory scrutiny, you should ensure that you know the answers to these key questions:
- Do you know what the standards of your historical advice are?
- Can you confidently state that your current or historical advice standards meet the FCA’s expectations?
- Under the Senior Managers and Certification Regime, senior managers are responsible for all aspects of their business. Do your senior managers know precisely what they are responsible for and have adequate controls in place?
How can Complyport Help?
Key points:
- Our team has reviewed over 15,000 DB Pension Transfer and Pension Switching files across more than 25 clients,
- We have a dedicated team of consultants who support firms with Pension Switching and DB pension transfers,
- Over 70 years of combined consulting experience across our core team.
What can Complyport offer?
Complyport can provide assurance over current or historical standards and liabilities.
