Webinar series

Financial services DB pensions event series

The FCA has repeatedly stated that its concerns about defined benefit (DB) pension transfer advice is a key supervisory priority. Several thematic reviews have shown the quality of this advice to be well below the standards that the FCA expects. Rules continue to evolve and despite – or perhaps because of – the impact of COVID-19, both advisers and product providers can expect continued scrutiny in this area.

We ran a series of four short events every Wednesday in May to discuss defined benefit (DB) pension advice. You can view them here:

1 Current state of the DB pension advice market, FCA expectations and the impact of  COVID-19

What does the FCA expect, in practice, when giving or reviewing DB pension advice? We consider this key question in the context of the current market, and how the COVID-19 situation might influence the regulators’ policymaking and supervision.

2 Groundwork for good advice – triage, information gathering, charges and disclosure

There is no sure-fire ‘silver bullet’ in providing good DB pension advice but detailed, precise and comprehensive fact-finding is as close as it gets. We describe high-quality DB pension advice fact-finding, alongside meeting triage and disclosure requirements.

 

3 Developing solutions that meet a client’s true needs – including the APTA, consideration of alternatives, cashflow modelling and investment advice 

What are the key components to a compliant, high-quality DB pension advice solution? In what scenarios is a transfer is more and less likely to be appropriate, and why? We explain what works well and the pitfalls to avoid.

Read more: Demystifying defined benefit pension transfers >>

4 Process, controls and governance – designing and overseeing an effective advice process, including training 

Outcomes for customers can be undermined if an advice process is not well controlled, if advisers are not well trained in using it and if proposed advised solutions are not rigorously checked. We explore how to do this well.

Any questions or suggestions? Please get in touch with Peter Lovegrove, Associate Director, Financial Services Regulatory.