Novia Financial has updated its transfer value analysis (TVAS) report tool in order to be fully compliant with the latest rules on pension transfers that come into effect today (1 October), the firm has said.
The new rules, which were set out in a Financial Conduct Authority (FCA) paper back in March, mean transfer value comparator (TVC) and appropriate pension transfer analysis (APTA) tools must replace TVAS reports. Novia said its TVAS report system had now been updated to be fully compliant with APTA requirements, having already had most features present, with the TVC tool added to complete the picture. The price has been held at £75 plus VAT. Novia began charging for its service in April after the FCA said a free TVAS constituted an inducement. Standard Life also stopped offering free...
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