United Kingdom | Publication | June 2023
On June 19, 2023, the FCA published a new webpage on its Defined Benefit Advice Assessment Tool (DBAAT), incorporating rule changes that have come into force since October 1, 2020, and its non-Handbook guidance on advising on pension transfers.
The latest version includes a section on assessing abridged advice and contingent charging, and the FCA has updated the sections on information collection, suitability and disclosures to reflect the changes made in its policy statement on pension transfer advice (PS20/6).
The updated facility includes DBAAT explainer videos and FAQs.
The FCA launched the DBAAT in January 2021 to help firms and pension transfer specialists understand how it assesses the suitability of DB pension transfer and related investment advice and disclosures. It recommends that they use the tool to assess their own past advice on DB transfers, although this is not a requirement.
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In July 2022 the UK Secondary Capital Raising Review published its report (Report) setting out a series of bold and wide-ranging recommendations for improving the secondary capital raising regime in the UK designed to make it quicker, more flexible, more inclusive of retail investors and more cost-effective, as well as moving towards digitisation and making better use of technology.
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This briefing forms part of a series looking in detail at the SRA’s guidance for in-house teams, issued following a thematic review of the sector, recognising the growth and importance of the in-house role and the unique pressures to which in-house solicitors can be subject.
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