The Financial Conduct Authority (FCA) has pushed back the introduction of increased qualifications for pension transfer specialists (PTS) by 12 months due to the Covid-19 crisis among other regulation delays.
The new rules were formed as part of the FCA's work on improving the quality of pension transfer advice and centred on defined benefit (DB) transfer advice. In its policy statement PS18/20, published back in October 2018, the financial watchdog said it was going to go ahead with its proposals to force transfer specialists to hold the separate Level 4 investment advice qualification. This was meant to come into effect on 1 October 2020 but, due to the coronavirus pandemic, the rules will now be introduced a year later on 1 October 2021. In the policy statement publication, the watchdog...
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