Pension Switching and DB Transfers

SAFEGUARDING CONSUMER INTERESTS

The provision of advice on pension switching and Defined Benefit (DB) pension transfers is one of the most highly scrutinised areas in financial services. Due to the significant impact that unsuitable pension transfer advice can have on consumers, the FCA regularly reviews firms operating in this space. Unfortunately many firms struggle to provide consistent, suitable advice because of poor practices, material information gaps (MIGs) and outdated systems. In this competitive market, where reputation is paramount, it is critical that firms implement strong controls and ensure their advice processes are compliant and robust.

OUR SERVICES

Complyport offers a comprehensive range of services designed to support firms involved in pension switching and DB pension transfers. With our deep industry expertise and regulatory knowledge, we provide assurance over both current practices and historical liabilities. Our services include:

• Pre-and Post-Sale Review: We conduct thorough reviews of advice to clients, whether pre-or post-sale, ensuring that your firm’s advice aligns with FCA and FOS expectations. This helps guarantee that the advice given to clients—whether to transfer or retain their pension benefits—is suitable and compliant.
• Historical Business Review: We offer sample reviews of past business to provide assurance over previous advice standards. This is particularly valuable for FCA requests, professional indemnity (PI) insurance renewals or providing peace of mind over potential inherited liabilities from acquisitions.
• Business Assurance Services: Focusing on complex and high-risk cases, our risk-based approach helps firms identify and rectify any poor outcomes, ensuring that advice is suitable and compliant with current regulatory expectations.
• Independent Expert Support: Our team, composed of QCF Level 4-qualified and chartered status professionals, has reviewed over 15,000 pension transfer and pension switching files for more than 25 clients. We bring over 70 years of combined consulting experience to every engagement, ensuring that your firm receives the highest level of expertise and support.

KEY BENEFITS

• Regulatory Compliance: By leveraging our extensive knowledge of FCA regulations and best practices, we ensure that your firm meets all regulatory requirements, helping you avoid fines and reputational damage.
• Expert Assurance: Our independent assurance provides you with confidence that your firm’s advice processes are sound, reducing the risk of unsuitable recommendations and poor customer outcomes.
• Historical and Ongoing Reviews: Whether you need assurance over current advice standards or wish to review historical business practices, we offer comprehensive assessments to give you assurance about your firm’s compliance.
• Specialist Expertise: With our dedicated team of pension transfer specialists, your firm will benefit from industry-leading advice and tailored solutions that help you meet the demands of a highly regulated and scrutinised market.

OUR EXPERTS

Our team has over 70 years of combined experience in consulting and compliance and we have reviewed more than 15,000 pension files across a wide variety of clients. Our specialists hold QCF Level 4 qualifications and chartered status, ensuring that we bring the highest level of regulatory and industry expertise to every project.