DB Transfer Outsourcing Service
Abrahaj123
Member
We are currently in the process of obtaining a VOP so we can do DB transfers (which could take months..) but in the meantime are looking for someone to provide this service - i.e. provide the advice and pass the client back to us.
Following a seminar last week I approached Selectapension, but I received an email on Friday saying that they are closed to new enquiries for 2-3 months! Another service we used is also not taking on any new cases for a month.
I am considering registering with O&M which charge a monthly retainer for their service but just wondered if anyone could provide any alternative options for this type of service at the current time....
Comments
We provide a DB Transfer bureau service as you have described above.
Give me a call on 01733 235221 and we can chat.
Jake
A very well known 'pension transfer specialist' company has recently been told to stop providing DB transfer advice for the foreseeable future. My understanding of this is because the advice from said outsourcing firm would be based on whether to transfer or not, but not about the resulting investment strategy and where the client would end up once the client is passed back e.g. ongoing service and support for the end client. Of course, the adviser firm being passed the client back could theoretically place the transferred funds whereever they please, though in an ideal world you'd expect the suitability report and TVAS to be based on the proposed investment strategy.
See https://www.fca.org.uk/publication/consultation/cp17-16.pdf for more information on what the FCA expects if you do outsource the advice. You'll need to be very particular about which firm you do choose if you can find one!
Jamie