We have published our suitability assessment template following our thematic review into pension-switching advice in 2008.

This template will form the basis of the follow-up work we intend to undertake in the third quarter of 2009 (please note that this timeline is merely indicative and does not in any way limit our right to take regulatory action against firms sooner, where we consider this appropriate in light of any failings we have identified). 

The follow-up work will include visits and desk-based file reviews, to check firms have acted on the findings of the thematic project.  Firms may wish to use the template and notes in assessing the suitability of pension-switching advice. 

If we identify failings concerning the suitability of pension-switching advice and find that firms have not taken appropriate action, they may be subject to regulatory action. This could include, where appropriate, referral for further investigation with a view to possible enforcement action.

Limitation of scope

This template applies only to advice on switches from all types of money purchase pensions, including personal and occupational pensions, to a Personal Pension Plan (PPP) or Self-invested Personal Pension (SIPP). It does not cover the requirements for transfers from defined benefit occupational schemes or switches to use drawdown flexibility immediately.

Note that this suitability assessment template relates only to whether the advice is suitable; hence it should only form a part of an overall file review process. It should not replace in full any existing file review checks firms have in place and other issues such as disclosure, needs analysis, money laundering etc should also be checked. 

Templates

5 February 2009

In order to use the template you will need to save it to a local file and rename it. When the dialogue box opens asking you whether you want to open or save it please open the file then save to a local file as a renamed file.

You will then be able to use it to record your information.

Related publications

5 December 2008

12 December 2008