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We are consulting on improving the quality of pension transfer advice.
The proposals we are consulting on include:
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raising qualification levels for pension transfer specialists (PTSs) to require them to obtain the same qualification as an investment adviser
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guidance to clarify our expectations that advisers should be exploring clients’ attitudes to the general risks associated with a transfer, in addition to their attitude to investment risks
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guidance to illustrate how firms can carry out an appropriate ‘triage’ service (an initial conversation with potential customers), without stepping across the advice boundary, by providing generic, balanced information on the merits of pension transfers
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a requirement for firms to provide a suitability report regardless of the outcome of advice
We are also seeking views on whether to intervene in relation to charging structures. This could include introducing a ban on contingent charging,
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