PTA authorisation requires closer check of key facts

Clarification issued recently by the Financial Services Authority confirmed intermediaries with both insurance conduct of business (ICOB) and conduct of business (COB) authorisation will be able to conduct PTA business with consumers. However, further confirmation from the FSA reveals advisers will need to check carefully they present consumers with the correct documents, as COB rules require issuance of a ‘key features of a pension term assurance’ document – which cannot carry the FSA’s keyfacts logo – while ICOB requires a ‘product summary key facts document’ be issued in order to comply...