Pension Advice

Financial advisers must provide the ongoing service they charge for, conduct regular reviews of suitability, and ensure costs and charges are clearly disclosed.

A financial adviser must ensure that IHT planning recommendations are suitable based on a client's complete financial circumstances and must not omit material considerations such as available Nil Rate Band entitlements.

A financial adviser must provide annual investment reviews as part of their ongoing advice service, and complaints about missed reviews must be raised within six years of the event or three years from when the consumer ought reasonably to h

Financial advisers must disclose material conflicts of interest that could impact the impartiality of their advice, including commission arrangements with receiving providers.

A pension adviser must provide suitable advice based on the client's circumstances, but is not obliged to provide ongoing advice unless explicitly promised and paid for as a service.

Financial advisers must provide actual ongoing services to justify ongoing commission payments, not merely offer them.

A financial provider cannot require a doctor's letter confirming lack of mental capacity as a precondition for accepting a Lasting Power of Attorney with a section 5 restriction; the attorney's assertion of capacity loss is sufficient.

A financial adviser must clearly explain the tax relief available on pension contributions, particularly the limitations on higher rate tax relief based on the client's actual tax liability in the relevant tax year.

A financial adviser is entitled to charge an agreed advice fee when they provide a suitable recommendation that the consumer accepts, even if the recommended action is subsequently not implemented due to changed circumstances.

Pension transfer advice must clearly explain all switching costs and ongoing charges, and the recommendation must be in the consumer's best interests considering their circumstances and needs.

An adviser must provide the ongoing advice service for which ongoing advice charges are levied, or refund those charges if the service was not delivered.

A pension transfer recommendation resulting in higher costs requires good justification and must be suitable for the consumer's circumstances.

Financial advice must be suitable to the consumer's circumstances, attitude to risk, and objectives, and ongoing advice services must actually be delivered as promised.

Pension transfer advice must be suitable and clearly demonstrate that higher ongoing charges are justified by superior investment performance or other tangible benefits.

Pension transfer advice must be suitable having regard to the consumer's capacity for loss, proximity to retirement, and attitude to risk, not merely documented.

A financial adviser must ensure that pension transfer and annuity purchase advice is suitable for the consumer's circumstances, taking into account their health, capacity for loss, and available alternatives.

A financial adviser must ensure that pension annuity recommendations are based on appropriate underwriting and that medical details provided by the client are properly applied to secure the best available rates.

A financial adviser must arrange pension products within a reasonable timeframe and compensate clients for losses caused by delays in completing suitability reports and arranging annuities.

A firm must provide the ongoing service it has charged for, and complaints about breaches of this obligation must be made within the applicable time limits under DISP rules.

A pension recommendation resulting in higher costs must have a good reason and be justified by the adviser in the consumer's best interest.

A financial adviser must provide accurate suitability letters that reflect the advice actually given and must deliver the ongoing annual reviews it charges for.

A pension transfer recommendation must be suitable to the consumer's stated needs and objectives, taking into account the product's charges, restrictions, and alignment with their circumstances.

A financial adviser must provide the agreed ongoing services in exchange for fees charged, and must provide evidence of service delivery.

A pension transfer recommendation must include clear disclosure of all charges, and the adviser must deliver the promised ongoing reviews and advice service.

Post-RDR ongoing advice fees must be commensurate with services actually provided; pre-RDR commission arrangements were permissible if agreed and within regulatory scope.

A transfer of pension funds must be suitable based on the individual's circumstances, and advice to transfer to a more expensive plan is unsuitable where the higher costs are unlikely to be offset by superior investment returns for a cautio

Pension switching advice must be suitable based on the consumer's attitude to risk, circumstances, and costs, and ongoing service must be delivered as agreed.

Suitability of pension transfer advice must consider the consumer's circumstances, risk attitude, and financial needs at the time of recommendation.

A financial adviser must provide the ongoing services they are being paid for, and fees should be refunded if services are not delivered.

A financial adviser must verify the tax treatment of pension withdrawals before advising a client to make them, as incorrect initial advice can cause distress even if later corrected with alternative recommendations.

A financial adviser must properly investigate a client's pension circumstances and contribution allowances before providing advice, and must promptly correct errors once identified.

A potential customer who has received financial advice but not become a client can lodge a complaint with the ombudsman service if they have a dispute about the advice or service provided.

Financial advice must be assessed based on what is fair and reasonable in all circumstances, with each case evaluated on its own facts and merits.

A pension provider is not liable to pay a consumer's solicitor fees as part of compensation for a failed due diligence check on a pension transfer.

A personal pension provider must clearly explain key product features and significant restrictions to the consumer at the point of sale, including limitations on how benefits can be accessed.

Suitability of pension transfer and switching advice must be based on proper assessment of attitude to risk and client circumstances, not solely on risk profiling tools.

A financial adviser's recommendation to switch pensions must be suitable to the client's circumstances, and the suitability of advice is assessed against the client's needs, risk appetite, and available alternatives at the time it was given

Financial advice must be suitable for the consumer's circumstances, and advisers must take steps to ensure vulnerable clients with capacity issues fully understand the implications of irreversible decisions like annuity purchases.

Financial advisers must provide clear disclosure of fees and charges, and must conduct regular reviews as agreed with the client.

A financial adviser's suitability assessment must be based on the client's established attitude to risk and circumstances, and the suitability of investments should be evaluated within the context of the wider portfolio rather than in isola

Pension advice must be suitable to the consumer's circumstances at the time it is given, and multiple recommendations are only unsuitable if they constitute 'churning' driven by commission rather than genuine changes in circumstances.

An adviser's ongoing pension review recommendations must be suitable based on the client's established attitude to risk, investment term, and capacity to withstand loss.

A firm may seek agreement in principle to its advice fee before preparing detailed advice, provided the fee structure and process are clearly communicated beforehand.

A firm may charge for ongoing advice services provided it has disclosed the service and charges, and the client receives a right to cancel without penalty.

Financial advice must be suitable and the overall cost structure should not be excessive relative to the benefits provided.

A financial adviser must provide suitable advice that does not result in unnecessary charges or layering of fees that are not justified by the services provided.

Financial advisers must provide suitable advice based on accurate assessment of a client's attitude to risk and personal circumstances, and must deliver agreed ongoing review services.

A pension transfer to a more expensive scheme requires a good reason beyond general objectives like accessing ongoing advice or investment management approaches already available in the existing scheme.

An adviser's recommendation to transfer pension plans may be suitable if the projected additional growth needed to offset higher charges is realistic and achievable.

A financial advisor must provide the ongoing review service that a client is charged for; if service is not delivered, a refund of the advance fee may be due.

An adviser is entitled to retain ongoing advice charges where the client moved away before the review was due and the adviser was ready, willing and able to provide the service.

Advisers must provide suitable advice and clear information about investment switches, but may proceed with client instructions even if circumstances suggest poor timing, provided the client has given informed consent.

A financial adviser must recommend investments suitable to the client's risk profile and with a reasonable prospect of achieving returns that justify any increased charges, even when consolidation offers administrative benefits.

Pension transfer and drawdown advice must be suitable to the consumer's circumstances, objectives, and attitude to risk, with proper exploration of alternatives.

Complaints about regulated financial services must be made within three years of when the complainant knew or ought to have known of cause for complaint.

A financial adviser must provide the level of ongoing service that was agreed with the client for the fees being charged.