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Response to the FCA consultation paper on Advising on Pension Transfers


If you are covering the FCA consultation paper Advising on Pension Transfers please see below comment from Rachael Griffin, financial planning expert at Old Mutual Wealth.

Rachael Griffin“Today’s consultation paper from the Financial Conduct Authority takes an important step in modernising defined benefit transfer advice. Proposals include removing the starting assumption that a transfer is not suitable at outset and including graphics in comparison reports to make the potential cost of deciding to transfer abundantly clear to consumers.

“The paper appears to recognise that, with pension freedoms now over two years old, the environment is different and the advice process must look at issues on a case by case basis. The detail that may need to be included in any transfer analysis reports will need to reflect this, and in many cases they already provide a significant amount of what the FCA is highlighting should be needed in the future.

“The FCA requirement for advice to be treated as a personal recommendation is welcome. It is what should be taking place at present by determining what is in the client’s best interest. It’s also positive that the paper takes steps to provide greater clarity as to what should be included in that advice process, such as consideration of other financial planning solutions to meet a client’s wider objectives. There will undoubtedly be work needed on some of the detail included in the consultation to deliver the right outcomes for both clients and the industry alike.”


For more information contact

Kathleen GallagherOld Mutual Wealth023 8072 629307990

Notes to editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £118.1 billion in customer investments (as at 30 September 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Quilter Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:

• The Multi-asset business is now Quilter Investors

• Intrinsic to Quilter Financial Planning

• The private client advisers business is now Quilter Private Client Advisers

• The UK Platform to Quilter Wealth Solutions

• The International business to Quilter International

• The Heritage life assurance business to Quilter Life Assurance

• Quilter Cheviot will retain its name

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.