The whole transfer process is complicated and uncertain – advisers talk to me about "liability" rather than relationships. We need to mend the trust between advisers and clients. Perhaps we could produce some form of detailed guidance that is very strict and to the point on the downsides of transferring – a triage process if you like. A similar effect might be achieved by a ban on contingent charging, but will people be less likely to try the process if they have to pay an advice cost, whether they take out a contract or not?
Whatever we do, simplicity and trust should be the foundations of the process.
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Mike Morrison is head of platform technical of AJ Bell
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