50 firms drop DB transfer 'gold standard' after PI renewal problems

More than 1,300 firms signed up

Hannah Godfrey
clock • 1 min read

Around 50 advice firms have surrendered their pension transfer ‘gold standard’ status after running into issues renewing professional indemnity insurance (PII) on pension transfers, according to the Personal Finance Society.

The PFS's ‘gold standard' celebrated its first anniversary on Wednesday (22 April), boasting 1,300 financial advisers - nearly half of those with pension transfer permissions - signing up in the first 12 months. Along with that came 50 advice firms giving up permissions, however, after the hardening of the professional indemnity market led to advisers giving up pension transfer permissions altogether. Personal Finance Society (PFS) chief executive Keith Richards (pictured) said in order to adopt the gold standard, firms must complete an application form detailing their regulatory perm...

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