The Financial Conduct Authority (FCA) have produced a very helpful video “The Defined Benefit transfer process explained” – which aims to help consumers better understand the financial advice on transferring out of a defined benefit pension.
The video can be found on the FCA website or by following this link and can be downloaded and saved to your computer or viewed online. www.fca.org.uk/news/news-stories/fca-publishes-video-help-consumers-understand-pension-transfer-advice
Or you can simply watch it below.
The video is very helpful for anyone considering taking advice on transferring their defined benefit pension, which is why we recommend everyone to watch the video. It’s only 17 minutes long and explains the advice process very thoroughly.
The video is also designed to help those consumers who have already gone through the pension transfer process to understand whether their adviser covered all the required information in the advice process.
The video clearly explains the difference between independent financial advisers and restricted advisors and the requirement for unqualified advisers to be clear with consumers if they are outsourcing the advice process to another qualified adviser.
If you have any questions about the advice process having watched the video please do not hesitate to call.
