Defined benefit (DB) pension transfers have never been a simple business area, and the Policy Statement from the regulator which implements a ban on contingent charging from 1/10/2020, amongst other rule changes, does nothing to make it any less complex.
How we’re helping firms
If you're advising in this area, you need to ensure you have access to high quality regulatory support. At SimplyBiz, we work with firms to develop robust processes and procedures to mitigate the compliance risk involved in transfer advice.
As you would expect, in response to the regulator’s Policy statement, The SimplyBiz Group designed and developed a host of support materials including guides, events, new documentation and an online DB Hub to support our Members in this crucial area.
Our leading compliance team produced two new guides to non-contingent charging and other rule changes for advisers with and without full pension transfer permissions. We made these guides available for our Members to support their businesses but we would be more than happy to share them to provide you with that little bit of extra support.