The template will form the basis of the follow-up work the FSA intends to undertake in Q3 2009.
The follow-up work will include visits and desk-based file reviews, to check that firms have acted on the findings of the thematic project. Firms may wish to use the template and notes in assessing the suitability of pension-switching advice. If the FSA identifies failings concerning the suitability of pension-switching advice and finds that firms have not taken appropriate action, they may be subject to regulatory action. This could include, where appropriate, referral for further investigation with a view to possible enforcement action.
The template only applies to advice on switches from a defined contribution pension scheme to a personal pensions plan or self-invested personal pension.
View Pension-switching advice, 5 February 2009