We’ll provide you with a robust assessment of the suitability.
COBS 19.1.6 states categorically that when a firm is making a personal recommendation for a retail client in relation to the transfer of safeguarded benefits, the firm should start by assuming that a transfer, conversion or opt-out will not be suitable.
The firm should only consider the transfer if it can clearly demonstrate, on contemporary evidence, that the transfer, conversion or opt-out is in the retail client’s best interests. To demonstrate which, the firm should consider factors including the retail client’s attitude to and experience of managing investments or paying for advice on investments so long as the funds last.
Experience is a crucial point in making a defined benefit transfer recommendation: are you giving it sufficient attention and critically analysed your case? Would you like a second opinion?