DB TRANSFERS: APPROPRIATE INDEPENDENT ADVICE, APPOINTED REPS
Many defined benefit scheme members have been frustrated in seeking to transfer safeguarded benefits to obtain flexible access. Where the value exceeds the £30,000 threshold requiring independent financial advice, if the member succeeds in obtaining advice - even where signed off by a pension transfer specialist - trustees have not always been clear it can be accepted.

SI 2015/742 Reg 7 specifies that the advice must be in the form of a statement

in writing from the authorised independent adviser providing the advice, confirming that the adviser has permission under Part 4A of the Financial Services and Markets Act 2000, or resulting from any other provision of that Act, to carry on the regulated activity in article 53E of the Regulated Activities Order (SI 2001/544, as amended) - ie. advising on conversion or transfer of pension benefits.

If the firm submitting the statement is an Appointed Representative of the principal

firm and doesn't itself have the required permission, which has quite often been the case, the statement will not be compliant. On the other hand, it is difficult to check the FCA Register to find out. Hence the frustration.

There is good news though! The Bank of England and Financial Services Act 2016 (Commencement No. 3) Regulations 2016 (SI 2016/627) . . .

16 June 2016   Check other news items


 REAL BENEFITS:

  SAVE TIME – SAVE MONEY
  – GET THE TURNROUND
 

 

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