IMPORTANT NOTICE
Dear Investor
​
Following on from the “Dear CEO” letter issued by the FCA, on Friday 22nd March, in relation to ‘Managing the risks of Defined Benefit to Defined Contribution transfers’ [1]. Intelligent Money has taken the stance that we will no longer accept Defined Benefit transfers into our plans.
​
This decision has been made on the grounds that the FCA are placing an impossible task on providers which involves ‘ensuring that products are being recommended responsibly and appropriately’ [1]. This in essence is making providers responsible for the suitability of another firm's regulated advice. We do not feel that we can accept any degree of liability for the advice given by unconnected regulated financial advisers.
​
This applies to all cases regardless of whether the servicing financial adviser holds the relevant pension transfer permissions.
​
This restriction is effective immediately for all new business. All cases that were submitted to us before 22nd March will be honoured.
​
This applies to all DB and Occupational schemes with safeguarded benefits which require pension transfer permissions to be transferred. Cases that do not require these special permissions will still be accepted.
​
Any future requests of this nature will not be processed, and any paperwork will be returned.
​
​