Hogan Lovells

Key Dates

Policy Statement PS18/20 issued on 4 October 2018.

Previous consultation paper CP18/7 issued in March 2018.

Changes in force with immediate effect: guidance on two advisers working together; assessing attitude to transfer risk; the requirement to prepare a suitability report in all circumstances.

In force on 1 January 2019: perimeter guidance on triage.

In force on 6 April 2019: changes to pension increase assumptions.

Remaining changes in force on 1 October 2020, including changes to Pension Transfer Specialist qualifications.


The Financial Conduct Authority (FCA) has issued a Policy Statement (PS18/20) on pension transfer advice. The statement follows consultation earlier in 2018, plus consultation in 2017 and a policy statement (PS18/6) issued in March 2018.

With the exception of the proposal to amend the definition of a pension transfer, the FCA intends to proceed with all the proposals consulted on in March 2018:

Charging structures

The March 2018 consultation also sought views (without proposing rule changes) on charging structures for pension transfer advice. Following consultation, the FCA is undertaking further work in this area. If it considers that rule changes are appropriate, it expects to consult in the first half of 2019.

Date Accessed: 28/05/2022