Vantage Wealth, the independent financial advisory business of the Vantage Group, has announced that Paul Alker has passed the highest level of exam in pension transfers – “Level 6 Qualification in Pension Transfers” – as set by the Chartered Insurance Institute.
Paul is the first practicing qualified financial advisor in Jersey to secure this qualification.
The Chartered Insurance Institute developed this new examination in 2017 in response to the Financial Conduct Authority (FCA) consultation on pension transfers. This consultation was prompted as a result of the increase in demand from individuals wishing to transfer out of Defined Benefits pensions on the back of changing pensions legislation (commonly referred to as “pension freedoms”) both in Jersey and the UK.
Both the Jersey Financial Services Commission (the “JFSC”) and the UK regulator, the FCA, have previously expressed concern that individuals are not getting appropriate professional advice when considering transferring out of generous DB, or “Final Salary” pension schemes.
The JFSC has stated that individuals should only take advice from professional advisers that are qualified to provide advice on this highly complex area of financial planning advice.
Richard Packman, Vantage Group CEO commented:
“I applaud Paul on achieving such a high level of professionalism in this important area of personal financial planning. Vantage are experiencing an increase in clients wishing to transfer out of final salary pension schemes, and it bodes well that we lead the field in providing the highest level of professional qualifications for our clients’ safeguard.”
