Gathering information for pension transfer advice

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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.

The presentation considers the 10 questions on information gathering in the first tab of the DBAAT. It draws on the 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.

The 10 questions cover a broad range of topics including assessing attitude to transfer risk, client needs and objectives and estimated expenditure throughout retirement. It also considers the information required from both the ceding and proposed schemes

CPD learning outcomes - 60 minutes

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  • 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

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The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. It provides life assurance and pensions. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL.