Old Mutual partners with CII to offer pension advice training

Old Mutual Wealth has teamed up with the Chartered Insurance Institute (CII) to offer defined benefit pension transfer training for advisers in the light of more stringent rules by the regulator.

In a recent consultation, the Financial Conduct Authority (FCA) proposed a raft of more rigorous regulations on pension transfer advice.

Old Mutual Wealth (OMW) agrees with the proposed tightening of regulations, it said in a statement released today, saying that in its view it would lead to a modernised market in which consumers make “better informed” decisions.

‘Growing demand for pension transfer advice’

The adviser also pointed to a growing demand for this kind of advice, stating that requests for transfer valuations had doubled since last August.

The programme of training events will commence on October 2, and will take place in a number of regional centres around the UK.

Events are open to all advisers, and not simply the 3,700 advisers that form part of OMW’s Intrinsic Network.

‘Two key recommendations’

The two key requirements proposed by the FCA relate to starting assumption and to recommendation.

Presently, the starting assumption is that a transfer is unsuitable. The FCA is proposing softening this assumption to say that “that for most people retaining safeguarded benefits will likely be in the customer’s best interests”.

The second change proposed is that “all transfer customers must receive a personal recommendation”, and that will mean taking into account customers’ personal circumstances, which OMW agrees will be in the best interests of customers.

 

 

 

 

ABOUT THE AUTHOR
Eugene Costello
Eugene Costello has been a journalist for some 20 years, and has written for a wide variety of UK and international newspapers and magazines.

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