Pension Transfers and Opt Outs
Written on 10/08/2018

The whole basis of checks has shifted post CP17/16 (more info here: FCA ps18-06.pdf), so IFAC are looking to reshape their relationship with firms who pass Pension Transfers to us to check.

There are a few different scenarios that present new issues.

As IFAC read it… if they act as a Pension Transfer Specialist checking a file then we will need to do the following:

  • check the entirety of the advice process, not just the numerical analysis, and consider whether the advice is sufficiently complete
  • confirm that the personal recommendation is suitable
  • inform the firm in writing that they agree with the advice, including any recommendation, before the report is given to the client

Now normally IFAC simply act on a file double checking process.

For PII purposes, IFAC suggest that checks include the above statements.

Better still, get those checks in Pre-sale,and if they are not perfect, get them re-checked a second time before sending to clients. 

PII will expect this.

Full details and changes are being worked on by the PTOO team (Max, John & Mike) at present.

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