Gathering information for pension transfer advice

Published  27 July 2021
   60 min CPD

In FG21/3 the FCA state too much of the DB transfer advice it’s seen is either unsuitable or it was unable to assess its suitability due to material information gaps (MIGs).

This presentation focuses on the information tab of the FCA’s “Defined benefit advice assessment tool”, or DBAAT as it’s commonly known.

This DBAAT is the tool the FCA itself uses to assess the suitability of pension transfer files, so it has the potential to provide significant insight into both the FCA’s expectations, as well areas it regularly sees short-comings in the advice process.

CPD learning outcomes - 60 minutes

  • What the regulator's expectation is regarding information gathering for pension transfers
  • The guidance points on information gathering in the DBAAT instruction manual and FG21/3
  • How to describe examples of good and poor practice relating to information gathering contained in FG21/3.

Whats covered

  • The presentation considers the 10 questions on information gathering in the first tab of the DBAAT
  • Guidance in FG21/3 and the DBAAT instruction manual to identify the key points the FCA feel advisers should consider when gathering client information to assess the suitability of a pension transfer
  • Assessing attitude to transfer risk, client needs and objectives and estimated expenditure throughout retirement
  • The information required from both the ceding and proposed schemes.

CPD certificate of completion

Once you've watched the webinar, simply complete the short quiz below and give us a few details in order to receive a CPD certificate of completion. It will open in a new browser ready to be saved as a PDF.