Defined Benefit  

SimplyBiz adds to DB transfer panel

SimplyBiz adds to DB transfer panel

SimplyBiz has announced the appointment of Retirement Solution Services to its defined benefit transfer referral bureau panel.  

RSS is part of parent company Hoxton Capital Management which is also a member of the panel.

It will offer pension transfer services to UK based clients, while Hoxton provides services to clients not based in the UK. 

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Nathan D’Cruz, director of RSS, said: “We are delighted to be part of the panel and greatly appreciate all the support we have received so far from the team at SimplyBiz. 

“We are looking forward to building healthy relationships with SimplyBiz Members by supporting companies looking to provide defined benefit pension transfer advice as part of their service. 

“We also look forward to being part of a wider association and believe that we can strive to improve competence in the financial community together.”

RSSis the tenth addition to the panel, joining existing partners HUB Pension Consulting, Origen, Pension Works, P&B WealthAviva Financial Advice, Grove Pension Solutions, Pension Income Planning and Pensionhelp

The bureau offers an outsourcing solution to advisers who are either unable to, or choose not to, operate in the DB transfer market, but still want to meet the needs of their clients in this area. 

Marc Thompson, adviser services director at SimplyBiz, said: “I’m delighted to announce the addition of Retirement Solution Services to our pension transfer bureau. They are an expert and specialist firm, with a focus on delivering excellent service to both the client and the referring adviser.   

“RSS is committed both to seamlessly fitting its service to an adviser’s holistic proposition, and providing further education for advisers in this critical area, and I’m sure members will welcome them to the panel.”

Thompson added: “As always, where we can strengthen our support to ensure better, and suitable, outcomes for both advisers and clients, we will move quickly to do so.”

In October 2020, the FCA enforced the contingent charging ban, which it said would remove the conflicts of interest which arise when an adviser only gets paid if a transfer goes ahead.

Only consumers with certain identifiable circumstances, such as those suffering from serious ill-health or experiencing serious financial hardship, are exempt.

The ban launched alongside the regulator's concept of abridged advice, which was greeted by a frosty reception, with questions over the level of uptake and concerns it would increase consumer confusion.

Abridged advice sits in between triage and full pension transfer advice but can only result in a personal recommendation to not transfer out of a defined benefit scheme.

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