Loading ...Poll: Should advisers be forced to give up DB transfer permissions if they aren’t using them?
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I can’t call myself an expert in anything unless I am doing it regularly. No matter how much we study the theory, an occasional foray into the actual subject matter can’t always prepare us for all of the nuanced changes that may have taken place since we were last active.
DB transfers should be handled by specialists only – I used to be one – and specialists should have very specific CPD requirements, as well as active involvement in the DB market.
Completely agree Martin Martin.
Would you want to have a brain tumour removed by a surgeon if he or she hadn’t performed the operation in the last year? Or indeed if they only specialised in hip replacements?
No, you wouldn’t would you and neither would I!
If the adviser doesn’t give advice in this area on a regular basis. There is a greater risk of getting it wrong.
It would be more cost effective to outsource this type of business to someone trustworthy who does it on a continuous basis.
Yes I agree.
But first of all anyone with a break should refresh their knowledge first.
Secondly, the FCA has proved to be so incompetent in virtually every aspect, getting back permissions at a future date make take decades. I trust my judgement better than the FCAs.
Thirdly, if the FCA target everyone with DB transfer permissions without understanding their business model, they all all need to go back to school. e.g. If a firm says we are not handling DB transfers until further notice then the FCA should back off.
If they maintain the requisite number of hours of relevant CPD, why should they be pressured to give up their permissions?