Thursday, 22 June 2017

A welcome review of the rules for advice on the conversion, or transfer of safeguarded benefits

The FCA has today published a consultation - Advising on Pension Transfers, there are some comments on pension scams and the quality of life. Our spokesperson and Associate, Brian Thorne comments on the report.

Brian Thorne, Associate at Barnett Waddingham, said; “Given the current level of defined benefit transfer activity and associated regulated advice requirement, we welcome the FCA‘s announcement relating to the review of the rules for advice on the conversion, or transfer of safeguarded benefits.

“It is essential that regulated advisers provide appropriate information and a personal recommendation to enable members to make a fully informed decision, which may impact their future quality of life.

“Advisers are also in an ideal position to help members understand the genuine risks of pension related scam activity and help them avoid such arrangements.

“Updating FCA rules, as well as providing additional guidance of FCA expectations, should ensure advisers understand their role and accountability when assisting members make such important decisions.”

- Ends –

For further information please contact:

Georgina Fletcher
PR manager
01494 788827 / 07590 176736
/ Cali Sullivan
PR executive
01494 788813

About Barnett Waddingham

Barnett Waddingham LLP is the UK’s largest independent provider of actuarial, administration and consultancy services. The firm works with corporates, trustees and individuals in both the private and public sector, offering clear advice and a full range of professional advice including trustee consulting, employer pensions and risk management advice, pension scheme management and administration, investment strategy, public sector pensions, risk benefits, life and general insurance consulting as well as the provision of SIPPs, SSASs and specialist executive pension plans’.

The firm has grown steadily since its inception in 1989. There are currently 68 partners and over 815 staff, based in 7 locations around the UK (Amersham, Bromsgrove, Cheltenham, Glasgow, Leeds, Liverpool and London). Barnett Waddingham is also the UK representative of GLOBACS, the global network of independent consulting firms.