Consolidator Fairstone has decided to ditch the triage element of its defined benefit (DB) transfer process after the FCA expressed concerns some firms were straying into advice, Professional Adviser can reveal.
Instead of the triage process - where advisers offer an initial steer to clients about a pension transfer inquiry - the IFA has been giving potential clients access to educational videos on pension transfers, which are supplied by Money Alive. The videos are supplied to every potential client interested in a pension transfer and, the firm said, so far those who have watched the videos have decided to proceed with full transfer advice. In October, the Financial Conduct Authority (FCA) released a policy paper confirming it would continue its parameter guidance on the triage process, whi...
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