TeX Reaction to FCA’s Pension Transfer Finding
TeX welcomes FCA’s pension transfer finding, which ‘shines a light on the progress made’, but notes challenges ahead to improve the process for consumers.
Commenting on today’s publication of the FCA’s multi-firm review of life insurers’ pension transfer process, Nigel Jacques-Pettinger, Executive Director of TeX, said:
“We welcome today’s findings, which shine a light on the progress being made in the world of pension transfers, with many being processed promptly and efficiently, delivering positive outcomes for consumers.
However, it is clear that there are challenges which still need to be tackled by the industry. Many of us in the pensions administration world recognise the need to do more on high rejection levels, delays involving overseas assets, the use of manual processing and the efficiency of transfers out.
At TeX, we are committed to increasing the efficiency and improving outcomes for pension, ISA and GIA transfers through encouraging digital solutions, supporting a standardised approach and providing a ‘legal contract’ club for our members. We look forward to working with the FCA and other industry bodies to ensure consumers benefit from transfers being completed promptly, correctly and efficiently.”