Reviewing pension transfer cases should be a priority for advisers, according to MetLife.
The firm says most advisers would be able to demonstrate the suitability of their advice, but could get into difficulty if they fail to show this to the FSA.
MetLife says all advisers who work on pension transfers should be completing a full review of past business to ensure they have a fact-find, have explained charging and commission, portfolio planning and are providing ongoing advice.
Peter Carter, head of product marketing at MetLife, says: "The FSA pension transfer review is understandably raising concerns for advisers who are worried about potential fines for not having adequate audit trails. Reviewing all transfer cases can be time-consuming.
"It is clear that genuine reasons for business to be transacted exist but advisers need to focus on proper documentation."
The FSA continues to perform checks on past pension transfer business, meaning advisers should be prepared to provide all the information they have collected to justify their recommendations.
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