More than 1,300 financial advisers have signed up to the Pension Transfer Gold Standard in the space of just 12 months, despite numbers offering advice falling.
Launched in April 2019 by the Pensions Advice Taskforce, the Gold Standard centres around a consumer guide designed to help the public better understand the features of a defined benefit pension scheme and what to expect from a regulated financial adviser.
Keith Richards, CEO of the PFS and chair of the Pension Advice Taskforce, said it was encouraging to see so many financial advisers choosing to align with this consumer guide and committing to nine key principles of good practice for advising on pension transfers.
However, while financial advisers continued to sign up to the standard in the last 12 months, Mr Richards pointed out that a significant number are unlikely to re-register this year due to problems in obtaining affordable professional indemnity insurance, forcing them to pull out of offering pension transfer advice. He said the PFS will continue to engage with policymakers to consider an alternative way to fund consumer compensation.
To find out more, visit: thepfs.org/the-pension-transfer-gold-standard