Press Comment

PIMFA Responds to FCA’s Action on Benefit Transfers

Thursday 20th June 2019

PIMFA, the trade association for investment managers and financial advisers, responded today (19 June) to the Financial Conduct Authority (FCA)’s announcement regarding Defined Benefit (DB) transfers.

The FCA have expressed their concern that firms have been recommending consumers transfer out of their defined benefit pension schemes despite this likely to be an unsuitable action for most clients, and will be setting new standards for firms to adhere to.

Commenting on the proposals, Simon Harrington, Senior Policy Adviser at PIMFA said:

“We are pleased that the FCA continues to engage with firms providing pension transfer advice, and we recognise the importance of a regulatory framework that facilitates reputable firms providing complex financial advice that meets the needs of a range of clients with different circumstances and financial needs.

It is important to collate data on the means through which advice is provided but the acid test remains whether the recommendation made at the end of the advice process was suitable, meeting the needs of each client based on the specific circumstances of that client”.

 

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Notes for Editors

About PIMFA – the Personal Investment Management & Financial Advice Association

  • PIMFA is the leading trade association for firms that provide investment management and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.
  • PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families, to charities and pension funds, all the way to trusts and companies.  Associate members provide professional services to the PIMFA community.
  • PIMFAleads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena.  Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
  • PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association going back for 28 years – read more.
  • Further information can be found at pimfa.co.uk
  • To become a member of PIMFA for access to training, benefits and discounts, please visit https://www.pimfa.co.uk/become-a-member or contact us directly at [email protected]

 


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