Standard Life has decided to stop its free transfer value analysis (TVAS) reports for advisers in the wake of regulatory concerns these could constitute an inducement.
A Standard Life spokesperson said: "The FCA's policy paper on defined benefit (DB) to defined contribution transfers makes it very clear there is a need for a change of approach with regard to the provision of TVAS services." "In response to this, we have taken the decision to withdraw adviser access to our TVAS service with immediate effect. We have a small number of pipeline cases in train that we will complete." On Monday, the Financial Conduct Authority (FCA) released a policy statement concerning advising on DB pension transfers. The regulator said the rules and guidance had c...
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