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"Crucially, the gold standard will allow advisers to align with initial guidance provided by Pension Wise and included with initial valuations from scheme trustees.

"An adviser or firm that adopts the gold standard is demonstrating that they are prepared to go the extra mile in order to foster trust in our profession."

John Govett, CEO of the Money and Pensions Service, added: "We welcome the pension transfer gold standard as a great industry initiative designed to help consumers find the specialist advice they need when considering whether to transfer safeguarded pension benefits. 

"The Single Financial Guidance Body supports industry-led schemes that seek to safeguard consumers and we look forward to working with advisers, firms and their professional bodies to ensure that customers feel confident in seeking the help they need." 

Adviser portal Money Alive, which recently launched a 'Stay or Transfer' video for people thinking to transfer out of their DB pension, also stated it was proud to be part of the initiative.

Martin Bamford, chartered financial planner at Informed Choice, said: "It’s great to see this clarity around expectations for pension transfer advice that goes beyond being suitable.

"I hope to see recognition from the FCA, and more importantly FOS, that firms adopting this gold standard are putting the interests of their clients first.

"As things stand, FOS and PI insurers represent the greatest challenge to capacity in the pension transfer advice market, leaving scheme members desperately short of access to affordable, professional advice."