Advisers tell us that the key to good customer outcomes is a combination of great financial planning and the ability to match each client with financial products that will help them reach their particular goals. This hub aims to help you with that process.
The FCA aims to protect customers by making sure advisers, and the manufacturers and distributors of financial products, deliver effective product oversight and governance.
If you already have strong processes in place to ensure client suitability, you could be forgiven for thinking this means you are covered from a PROD perspective. In his special report, Rory Percival explains why that may not be the case, and outlines the key issues that all advisers should consider.
Robust platform research
The FCA rightly insists that advisers undertake thorough due diligence before recommending a platform to their client. As well as choosing a provider that offers the best possible value for money, you will want to also consider issues like profitability, financial stability and the quality of service provided. With so much to consider, we think you will welcome all the help you can get – which is why we have pulled together a wealth of reports and information to help you build a robust process.
In addition to our own due diligence factsheet, we have also gathered valuable contributions from FinalytiQ, the lang cat, Platforum, AKG Financial Analytics, regulatory expert Rory Percival and Regis Media’s Robin Powell.
Research the products – and your clients
We strive to ensure that the products and solutions on our platform are easy to use, with charges that are highly competitive and completely transparent.
Regis Media’s Robin Powell considers the potential impact of excessive investment charges, and our Senior Technical Consultant, Charlene Young, gives an update on pension transfers.
Barriers to transfer
Don’t just go with the status quo.
The FCA has identified problems with some advisers using the same platforms they always have, when their clients’ needs could be better served by switching to another provider.
This so-called ‘status quo bias’ is something the regulator is keen to address.
To help you tackle this, we worked with the lang cat to identify what barriers to transfer exist, and how you can sensibly mitigate them.
When considering transfers to AJ Bell Investcentre, we are always looking at ways to make this as easy as possible.
To help, we have:
- sped up the transfer process, using Origo where possible to allow straight-through processing of transfers for SIPP cash and cash/in specie transfers for ISAs and GIAs;
- created a transfer tracker on the V2.0 area of our website to show the progress of all transfers;
- set up dedicated, experienced and well-resourced teams to handle re-registrations, who work exclusively on cash and in specie transfers (our service level agreements are available on our service page and are updated on a monthly basis); and
- developed a robust ‘bulk’ transfer process, led by our Platform Support Team. While we appreciate that every bulk transfer is unique, the information available for download below is designed to outline how we expect the transfer to progress. It also details what we will require from you, and what you can expect from us, from initiation to completion.
Get in touch
Members of our Business Development Team are available to talk through any questions you have. Find your local contact below.
Alison Mollard - Head of South East Sales
RegionNorth of the River ThamesSouth of the River ThamesSouth East - NorthSouth East - South
RegionSouth of the River ThamesSouth East - SouthEast Berkshire
RegionNorthScotland and Northern Ireland
RegionSouth WestSouth WalesWest Berkshire
RegionNorth of the River ThamesSouth East - North