FCA delays pension transfer specialist qualification rules to October 2021

Delayed by 12 months

clock • 2 min read

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...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Regulation

2024 general election: Under 50s more positive about Labour's win

2024 general election: Under 50s more positive about Labour's win

Highlights an intergenerational divide in financial planning

Professional Adviser
clock 11 July 2024 • 1 min read
Regulatory change squeezes advisers' time for investments

Regulatory change squeezes advisers' time for investments

'The pace of regulatory change has become relentless'

Andy Miller
clock 04 July 2024 • 3 min read
FCA bans and fines trio from defunct DFM SVS Securities

FCA bans and fines trio from defunct DFM SVS Securities

Bans and fines issued for mistreatment of pension funds

Jenna Brown
clock 24 June 2024 • 2 min read