In April 2019 the Personal Finance Society (PFS) launched a “Pension Transfer Gold Standard” which is ultimately a code of good practise for safeguarded and defined benefit pension transfer advice.
The PFS is the professional body for the financial advisory profession in the UK, whose role is to promote ethical behaviour, the highest standards of professionalism for technical knowledge and client service for the ultimate benefit of the profession and consumer alike.
MPA were one of the first companies to be awarded the Pension Transfer Gold Standard and as a result we have pledged to incorporate nine key principles of good practise when advising on pension transfers to ensure that our clients have all the information they need to enable them to make an informed decision, whether that be to transfer or not;
- Helping clients understand when advice is appropriate
- Ensuring advice given supports the client’s overall wellbeing in the context of their stated objectives
- Ensuring client understanding and acceptance of all charges
- Ensuring the most appropriate and updated technical skills are applied
- Transparent management of Conflicts of Interest
- Helping clients understand the cost of transferring benefits
- Avoiding unregulated investments and introducers
- Transparency in advice processes and outcomes
- Promoting the Consumer Guide to the Pension Transfer Gold Standard
MPA believe that this is only the beginning of the PFS raising the advice standards within what is a complex area of pension advice, however, it is something that MPA welcomes with open arms having already incorporated the majority of the nine principles into our advice process over the last two years.
