Providers have a duty of care to protect those transferring out of a pension, and must take care to check everything is being done correctly, according to LV= sales and marketing director for life and pensions Steve Lewis.
Speaking at today's Retirement Planner Forum, Lewis said providers should act as a checkpoint in the pension transfer process. He told delegates: "The situation we're in today with all these regulations, with the social changes, with ordinary people coming up to the second phase of their lives - where people are going to enjoy themselves - we need to protect those people. We need to be sure everything is being done well. "We, as a provider, need to take more care and attention to check everything is being done the right way. We have a duty of care to those clients as well as you - the...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
