Triage

New guidance came into force on 1st January 2019


Why do I need a triage service?Evidence on filePurchaseIndustry & Customer Reviews
The FCA have published new rules and guidance on improving the quality of pension transfer advice in their recent policy statement PS18/20: Improving the quality of pension transfer advice.

The new rules set out how advice should be provided to consumers on pension transfers where consumers are considering giving up safeguarded benefits, primarily for transfers from defined benefit (DB) to defined contribution pension schemes.

The new rules and guidance include a variety of points, including:

  • Guidance to illustrate how firms can carry out an appropriate ‘triage’ service (an initial conversation with potential customers), without stepping across the advice boundary, by providing generic, balanced information on the merits of pension transfers.

Triage is viewed by the FCA as a useful process as it can prevent consumers from paying advice charges unnecessarily. However, it has been found that some forms of triage were straying into the provision of personal recommendations, rather than generic information.

PS18/20 therefore seeks to clarify how firms can provide an appropriate triage service without stepping across the advice boundary.
Click here to view PS18/20: Improving the quality of pension transfer advice

In summary, triage should be educational and provide generic, balanced information on the advantages and disadvantages of a pension transfer. If an adviser makes a reference about how a client’s personal circumstances may influence advice to transfer, then it is likely that they are providing advice

The new guidance on triage came into force on 1 January 2019. This means pension transfer specialists will require a compliant triage process to comply with new FCA guidance.

Education is in our DNA and our reputation for successful online virtual learning is well established in the community of IFAs. Extending our successful online learning expertise into non-advised educational tutorials for your clients is a natural extension of our expertise. The future for financial planning is exciting: Education followed by Advice.

Expert Pensions is delighted to be working in collaboration with Cashcalc to help empower the community of IFAs and their clients through the use of digital learning technology to make informed decisions. Click here to learn more.

Online
24/7 access for clients in comfort of their own home. It’s unbiased, online and can be accessed anytime.
Independent
It’s unbiased old-fashioned blackboard teaching. It’s complex pensions in picture form. It covers all aspects, without bias.
Guidance, NOT advice
It can’t be advice. It’s video. It’s generic. It’s education.
Educational triage
It’s unbiased, educational guidance. The client decides whether to come back or not when he knows the difference between a DB Final Salary pension and a DC personal pension.
Tracked
We track everything behind the scenes. Everything. We know when your clients watched each video and we report when they complete the course AND pass the quiz.
Recorded
Everything is recorded. Everything. Every step. Every completed video and quiz. It is compliance gold. It is a file-note of evidence of understanding.
Evidence
This is a direct quote from the FCA: “This is likely to be in firms’ interests in case of future complaints”. It is worth taking note of a word from the wise.
Completion
It must be completed in order. There is a completion certificate confirming the client has completed every video and passed the quiz.
Videos
It’s pensions in pictures. It’s complex made easy and in videos of 3-4 mins each.
Quizzes
Evidence of understanding is proven by passing the quiz and evidence is on file with the certificate.

We are the ONLY triage service offering this facility.

This is YOUR evidence of ”Informed Consent”

Calculator
Your client will have access to the EP Calculate Cashflow modelling tool within their Triage course. They can test various retirement scenarios with quality visual calculations.

“My business is based on my experience of complaint handling during many years at the Financial Ombudsman Service. I work with advisers to ensure they communicate with their clients in an effective manner so their advice is much less likely to be impacted by complaints. There are a few reasons why consumers complain, but the overriding one is “I didn’t understand the risks I was taking”. What I like about it most is it is about taking perspective clients on a journey where they should be easily capable of understanding the huge risks and pitfalls of considering transferring their defined benefit pension scheme. The process is educational and not advised. Having gone through the triage I think it would be very hard to argue a lack of understanding once it has been completed. I believe the process is invaluable as a first step prior to any advice being given.”

“The online video course that I recently completed regarding personal pensions and final salary pensions was very well presented by John. I was pleased with his approach, his easy going manner (especially when referring to coffee / tea) and the way he related the facts in a very easy manner whilst making sure all the information was stated. I have been in the financial sector for over 40 years, been on many courses and found this video one of the easiest to understand due to the presentation.”

“We have now both had the opportunity to view and complete the EP educate online course. The presentation has had quite an impact on us and particularly my wife. As a result I need to advise you that unfortunately we now wish to withdraw and stop proceedings. This has been a very difficult decision for us to come too and not taken lightly but ultimately one that we are both comfortable with for now. We fully understand we are still liable for your fees accrued as referred to in earlier correspondence and will pay these promptly upon receipt. We can’t thank you enough for all the hard work and time spent on this, also your impartial approach and professionalism at all times.”

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