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So what is a Pension Transfer Specialist according to the FCA?

This is an extract from the recently published FCA guidance concerning who qualifies as a Pension Transfer Specialist;

“The requirement for a PTS to hold qualifications for both a PTS and for advising on investments will ensure advisers have sufficient knowledge to assess the suitability of a transfer, including the risk, returns and charges of the proposed scheme and underlying investments. Many PTSs already have both qualifications.

We do not believe it is necessary to have a specific single qualification for investment advice given along with a pension transfer. We also consider it is unnecessary to only restrict advice to chartered financial planners. This is because the qualification framework should be sufficient and further restrictions may limit the supply of advice.

We agree that it is very important for PTSs to supplement their knowledge by keeping up to date with current thinking and market trends. As set out in our Training & Competence (TC) Sourcebook, firms are responsible for reviewing the competence of their employees on a regular and frequent basis. They are also responsible for taking appropriate action to ensure they remain competent for their role. This is particularly important where an adviser has not been involved in this market for some time, or only advises on occasional cases. We are giving further thought to the question of minimum CPD requirements in light of responses received.

We would like PTSs to hold the new qualification as soon as practically possible, and by no later than 1 October 2020. In deciding on the transition period, we are conscious that there needs to be sufficient time allowed for PTSs to study and take the additional qualification. We consider two years to be a reasonable period in which this can be achieved. In the meantime, firms continue to be responsible for assessing and maintaining the competence of their employees. This requirement will also form part of the Senior Managers & Certification Regime.

We do not intend to make any changes to our proposals regarding automatic transition. We believe the concerns about ‘gap-filling’ are addressed by our Training & Competence requirements, above.

Our rules continue to permit an adviser who does not meet the PTS requirements to provide pension transfer advice, as long as their advice is checked before the client is given a suitability report. Our view is that this ensures the continued supply of advice in the market.”

If you require a Pension Transfer Specialist please contact Cambridge Pensions


While we keep information on the website as up to date and as accurate as possible, the information on this website does not form part of our advice process. Cambridge Pensions Ltd cannot accept any liability for any decisions made by a client or member of the general public based on any information contained on this website. The value of your investments can go down as well as up and you may get back less than has been paid in.

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