29th May 2019

Brancaster House awarded Pension Transfer Gold Standard

We’re pleased to announce that Brancaster House has been awarded the Pension Transfer Gold Standard from the Pensions Advice Taskforce, a representative industry body set up by the Personal Finance Society. The ‘Gold Standard’ is a voluntary code of good conduct for Safeguarded and Defined Benefit Pension Transfers advice.

 

In the UK, financial advice is regulated by the Financial Conduct Authority (FCA) and requires firms to adhere to core principles, two of which are relevant to complex pension advice such as transfers:

  1. A firm must pay due regard to the interests of its customers and treat them fairly.
  2. A firm must pay due regard to the information needs of its clients and communicate information to them in a way which is clear, fair and not misleading.

A financial advice firm adopting the Gold standard is expected to exceed these requirements, including:

  • Help you understand the implications of a transfer, so you can decide whether taking advice is appropriate, before you take it and incur any costs in doing so
  • Ensure that the advice supports your overall wellbeing in the context of your stated objectives, needs and wants
  • Use appropriately qualified technical skills to advise on whether to transfer, and what to transfer into in order that you have the best chance of meeting your objectives
  • Only recommend mainstream investments from regulated investment companies (unless you are an expert investor)
  • Be fully transparent and take necessary steps to ensure that you understand all the costs involved
  • Draw your attention to any Conflicts of Interest in giving pension transfer advice and how these are managed in your best interests
  • Share with you their experience and the outcomes of advising people on transfers

(source: Pension Transfer Gold Standard Consumer Guide COH_J012476)

Further information can be found in the below Consumer Guide or on the PFS website: www.thepfs.org/ptgsconsumer

Brancaster House awarded Pension Transfer Gold Standard

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