When it comes to DB Pension advice, The FCA has left financial advisers in no doubt of its expectations. In a ‘Dear CEO letter’ to all financial advisers in January 2020, Debbie Gupta, director of life insurance and financial advice supervision at the regulator said: “We […] remain concerned firms are recommending large numbers of consumer transfer out of their DB pension schemes despite our stance that transfers are likely to be unsuitable for most clients.”
With the FCA cracking down on poor advice given to consumers and in some cases stopping firms from giving DB pension advice, your firm in 2020 must review its processes and procedures to ensure your DB Pension advice is suitable.
In this workshop we will help you:
- Understand what’s going wrong with DB pension advice, and how you can get it right
- Grasp the FCA’s expectations as to how to act and treat customers
- Learn how to test whether your DB pension transfer advice is likely to stand up to FCA scrutiny
- Ensure your firm’s DB pension transfer advice is always suitable
- Recognise how you can improve (and shorten!) your suitability reports
Neil Walking, Managing Consultant at Bovill is currently working with a number of firms to test the suitability of their DB pension transfer advice and the effectiveness of their controls. He has a comprehensive and diverse range of conduct risk expertise including:
- MiFID II gap analysis and implementation projects
- Information/advice boundary and simplified advice processes
- s166 reviews, including past business reviews of advice quality
Before joining Bovill, Neil’s 25 years of experience included working in the regulatory practice of a ‘big 4′ firm, the compliance function of the UK’s largest retail intermediary, the FSA, Which? and Nationwide. Neil holds the CII’s Diploma in Financial Planning (a QCF4 financial advice qualification).