To triage or not to triage?
Is it foolish to brave the slings and arrows of the FCA, or should you purchase an independent online video-based triage service, with a quiz certificate?
The FCA are proceeding with our perimeter guidance on triage services.
The FCA guidance is that firms can consider using decision trees and RAG-rated questionnaires as educational tools in other forms of guidance, unrelated to pension transfer advice, where the consumer has a range of available options.
But because firms can only make a binary recommendation on whether or not to transfer when giving advice on pension transfers and conversions, these tools carry a high risk of crossing the advice boundary for pension transfer advice.
“The new guidance from the FCA ..’’ is simply a further clarification of how firms can avoid giving advice when they deliver triage services’’. Using a remote, video-based, educational and independent triage service is the safest route.”
The FCA’s guidance on triage services and estimated transfer values becomes effective from 15 June 2020. We encourage firms to comply with the new requirements as soon as they can to improve consumer outcomes.
Find out more about our triage service
Our triage service is designed to give prospective clients sufficient information about safeguarded and flexible benefits, to help them decide whether or not to take advice on the transfer or conversion of their pension.
We start with educating clients, and our aim is to empower them to ensure they have the correct knowledge to determine whether pension transfer advice is an option for them. Triage should be educational and provide generic, balanced information on the advantages and disadvantages of a pension transfer and is an important process to prevent consumers from paying advice charges unnecessarily.
Everything is recorded. Everything. Every step. Every completed video and quiz. It is compliance gold. It is a file-note of evidence of understanding.
This is not new to us; this is what we do and what we are good at. We designed our Triage service because we believe in education and know it is a key element for all sound financial advice. The FCA guidance shows that what we are doing is right for you and right for your client.[Click here for our Triage Service]