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Press comment: FCA changes to pension transfer advice should boost consumer confidence


If you’re covering the FCA’s new requirements for pension transfer advice, including that advisers must hold a specific investment qualification, please see the following comment from Jon Greer, head of retirement policy at Quilter: 

Jon Greer“Transferring away from a defined benefit or ‘final salary’ pension is a decision that could have huge repercussions in terms of your future lifestyle, particularly when you are very elderly. Therefore it is vital to seek professional financial advice. The decision not to transfer is often the right one, but financial advisers can face scrutiny long after the advice is given even when recommending not to transfer if someone could have got a high transfer value at that time.

“Today’s package of changes announced by the Financial Conduct Authority are sensible, measured and should give consumers increased confidence in any advice they receive in this area, as well as clearly laying out what is expected of advisers, who must focus rigorously on the suitability of their advice whether the advice is to transfer or to stay put and keep comprehensive records.

“Among the changes is the requirement for financial advisers who advise in this area to have a higher level of investment knowledge and requires them to take a new exam. With volatility back with a vengeance investment knowledge for those approaching or in retirement is more important than ever.

“Anyone considering a pension transfer needs a full understanding of the responsibilities they will be taking on. In particular it means managing the pension investments on an ongoing basis will be your responsibility, as will bearing all the investment risk through the ups and downs of financial markets. That job would continue during your retirement years, unless you purchased guaranteed income via an annuity, which could prove expensive compared with the guaranteed income from your defined benefit pension.

“The recent policy statement is a second in a series of regulatory changes to advice in this area. Changes announced earlier this year mean clients will receive a clear comparator of the transfer values offered by their DB scheme and an estimate of how much they would need to replace that income.”

For more information contact

Kathleen Gallagher023 8072 629307990
Tim Skelton-Smith02380 916 99807824 145

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 £114.9 billion in investments (as at 31 March 2019).

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: Advice and Wealth Management and Wealth Platforms.

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

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.

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.