Clients Requesting Investment Withdrawals - non advised
I am new to the report writing side of the business having previously been doing admin so am trying to get my head around quite a bit at the moment so be gentle!!
We are currently reviewing all our suitability letters etc to try and streamline and ensure we are still including what we need. One area which has cropped up whilst doing this is when a client calls up to request an unplanned withdrawal from their pension.
It appears our process is
1. Client calls and requests withdrawal.
2. Client provides letter to us confirming he/she wishes to make a withdrawal from pension and neither requires nor wishes advice.
3. We call and process withdrawal.
This does not seem sufficient and reading a compliance email received the other day. I am about to read through the COBS 19.7 Retirement risk warnings.
Can I ask what other firms use as a process?