Advisers risk fines from poor pension switch training

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Many advisers have not been properly trained to use pension transfer tools, despite massive uptake in their use since an FSA review in 2008.

Prudential says advisers are clamouring for new software tools following a number of high profile pension switching fines, but believes many are not receiving the required training to use the tools effectively. Vince Smith-Hughes, head of business development at Prudential, says he has seen great appetite for pension transfer tools at a series of recent roadshows, but says many advisers are not using the software effectively. "We spoke to IFAs who were advised to use specialist tools by their networks, but many hadn't been properly trained to use them, and could still trip up when the...

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