July/Aug 2019


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  • 600 firms committed to PFS DB Pension Transfer good practice standards

    30 May 2019

    More than 600 firms have signed up to the new Pension Transfer Gold Standard for good practice standards in managing Defined Benefit transfers. Launched on 9 April by the Pensions Advice Taskforce, the Gold Standard centres around a consumer guide designed to help the public better understand what to expect from a regulated financial...

  • O&M Systems automates DB transfers checklist

    27 May 2019

    Software provider O&M Systems has automated its defined benefit transfers checklist functionality in line with FCA rules. To complement its TVC and APTA functionality, O&M has made it possible to print FCA rules COBS 19 Annex 4A, 4B and 4C from its systems, which were introduced by the regulator last October. O&M said the...

  • Platform switching constrained by complexity and cost

    9 May 2019

    Over half of advisers are avoiding switching clients to a different platform because of the administrative complexity and cost involved.  A new report by the lang cat and AJ Bell found 56% of advisers felt constrained from recommending a transfer, despite the fact it could benefit clients. The research, which surveyed 95 adviser firms, showed...

  • Cash flow modelling – the issues with assumptions

    6 May 2019

    The assumptions advice firms make when using cashflow models, particularly in planning DB transfers, are widely variable, warns ATEB Consulting’s Steve Bailey When reviewing advice on DB transfers, it is not uncommon for us to come across cases where different projections result in the client receiving a mixed message. For example:   Factor     ...

  • FCA calls for more feedback on impact of RDR

    2 May 2019

    The Financial Conduct Authority has issued a call to advice firms to provide feedback on both RDR and FAMR to assess if the regulation continues to meet consumer needs.  The review poses 24 questions around consumer barriers to advice, quality and choice available, consumer needs, value for money, competition, changes that may encourage more...

  • Slow adoption and unintended consequence of MiFID II

    30 April 2019

    Advisers are slow to adapt to changing regulation, a new report from FE has shown.  The report Walking on Shifting Sands – how advisers are negotiating a changing landscape, found that only 25% of advisers felt the introduction of MiFID II had improved their business processes. In contrast, nearly a third (32%) reported that...

  • New Selectapension tool to help expedite data collation for client reviews

    18 April 2019

    Selectapension is to launch a new “Rapid Reviewer” tool, designed to make client reviews of pensions and investments more efficient and cost effective. Annual client reviews, a mandatory requirement for MiFID II regulated products provides an opportunity for advisers to reassess previous recommendations against clients’ current circumstances and review the performance of investments. Selectapension...

  • FCA marks suitability of advice as “key priority”in 2019/20

    17 April 2019

    In its Business Plan for 2019/20 the FCA has highlighted suitability of advice as one of its key areas of focus this year and into 2020. In the document, the FCA said that while its Assessing Suitability Review, which reported in 2017, found that advice in investments, pension accumulation and retirement income was suitable in...