Advice firm Tideway has revamped its defined benefit (DB) transfer offering after the Financial Conduct Authority (FCA) "made it clear" it wanted firms to perform a "fully joined-up" service.
For its intermediary service in the past, a client would typically be referred to Tideway from another business. Tideway would then undertake the transfer work and then return the client back to its referrer for advice on where to invest their money. Tideway decided to "pull back" from such services, however, after the FCA "made it very clear" it wanted businesses to carry out a "fully joined-up" advice process, including where the money is invested post-transfer. "We would get referrals in from a large wealth manager and then advise on the DB transfer, knowing the money was going bac...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes