Hogan Lovells

Key Dates

Consultation paper CP17/16 issued on 21 June 2017.

Consultation ends on 21 September 2017.

The FCA expects to publish its new rules in a Policy Statement by early 2018.

The FCA intends to consult separately on the issue of insistent clients later in 2017.


The Financial Conduct Authority (FCA) has issued consultation paper CP17/16, setting out proposed changes to the requirements for giving advice on the transfer or conversion of safeguarded benefits. Concerns which have led to the new proposals include that current rules do not explicitly allow for the variety of options available to members under the pension freedoms; and that advice has become focussed on the compulsory transfer value analysis (TVA) rather than on a broader assessment of suitability. 

Key points in relation to the proposals are as follows.

Personal recommendation

Role of pension transfer specialist

Replacement of transfer value analysis (TVA)

Overseas transfers


Date Accessed: 28/05/2022