The impact of unsuitable pension transfer advice on consumers is significant. Consequently, for firms operating in this area, it is subject to regular scrutiny from the FCA and an area where change has become the norm.

Too many firms are struggling to give consistent, suitable advice due to poor practices, material information gaps (MIGs), poorly designed systems, outdated processes or inadequate disclosures. The consumer investment market has been a core feature of the FCA’s 2020/21 Business Plan and will likely remain a priority going forward.

In a competitive advice market, where reputation is critical, firms will appreciate the need to ensure they are providing suitable advice within a robust control environment to identify and rectify poor outcomes.

At Complyport, we support firms with independent assurance on this regulatory hot topic.

Our business assurance service ensures a risk based approach focussing on complex cases categorised as higher risk. We then combine our regulatory and industry expertise, the latter being QCF L4 and chartered status.

How can Complyport Help?

Key points:

• Our team has reviewed over 15,000 DB Pension Transfer and Pension Switching files across more than 25 clients,
• We have a dedicated team of consultants who support firms with Pension Switching and DB pension transfers,
• Over 70 years of combined consulting experience across our core team.
  
  

What can Complyport offer?

Complyport can provide assurance over current or historical standards and liabilities.

We offer a pre or post sale review of the advice given to a client to transfer (or not to transfer) pension benefits to help to ensure that your advisers are providing the best advice possible to your clients. We will use our deep knowledge and experience to ensure that your current standards meet the rules, guidance and expectations of both the FCA and FOS and that they also represent good business practice.

We can also provide you with assurance over historical advice standards by undertaking a sample review of past business. This can help with any FCA requests or communications, PI insurance renewals or can simply provide comfort over potential liabilities that you have or may have inherited through acquisition.