Written on 30/06/2022

The PFS has decided to fight the giant monopoly regulator over the British Steel saga.   The professional body has shown the regulator cases where the adviser was told by the BSPS that early retirement options could not be issued as the client was not old enough.  These cases are deemed unsuitable, because no comparison could be made with the ceding scheme.  Without comparison, the regulator's assessment template shows the case to be an unsuitable transfer.

According to the Personal Finance Society spokesman Matthew Connell, this example highlights how the FCA assessment tool process is not sophisticated enough to establish a full picture of what could have been reasonably expected from financial advisers working with limited information rather than the full facts in individual cases.  Matthew Connell has a PHD in philosophy.  Somewhat ironic to choose a career in Retail Financial Services - there isn't much logic there.

 The PFS have also criticised the FCA over the assessor's training.  They say that FCA assessors only have 2 days training, and that the average qualified pension transfer specialist has 13 weeks of training. 

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