When MPA Financial Management managing director Phil McGovern sat the old G60 pension exam in 1996, he was among 11 per cent of the candidates who passed.

McGovern subsequently went on to regularly coach others how to pass it at a Society of Financial Adviser study group.

Fast forward to the present and AF3, the successor to G60, has just been replaced by AF7. Meanwhile, the defined benefit to defined contribution transfer market is booming as a result of pension freedoms and high transfer values. Does McGovern worry about continuing to advise in this market, particularly given the FCA’s recent scrutiny of DB transfer advice?

“Of course,” he says. “DB transfers are generating a lot of business and we are sitting on 30-year liabilities. I know what the industry can do to things like this; drumming up a misselling scandal and every word you say being taken out of context.

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