DB scheme trustees must check adviser transfer permissions

From 9 December

Kim Kaveh
clock • 1 min read

Defined benefit (DB) trustees are now required to contact financial advice firms to ensure staff providing advice to members are compliant under new adviser rules before carrying out a transfer exercise.

This was revealed in The Pensions Regulator's (TPR) updated DB to defined contribution (DC) transfers and conversions guidance document, which was amended last week. It also said trustees have the option to check an appropriate third-party directory to obtain the relevant information. Scheme trustees are already required to check if the adviser has the correct permission to carry out regulated activity in the Financial Conduct Authority's (FCA) register, after it gets confirmation that appropriate independent advice has been given. With the introduction of the senior managers and cert...

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