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Video killed the DB transfer

So, all watched the latest video? no, not the latest SCI FI blockbuster, the one from the FCA.

Video killed the DB transfer

18 Sep 2019

Graeme Stewart

Low budget, not many thrills (well none in fact) or spills but extremely well edited and written (Oscar nomination?)

It’s the video that the FCA has produced to explain to clients (or consumers as the FCA call them) the advice process that should have been followed by a firm giving DB transfer advice.

It’s the video where the FCA invite your clients to consider their experiences of your advice process against the FCA model, and to contact the FOS directly (bypassing you) if they are unsure if the advice you have given them is unsuitable.

What the video lacks in action and drama, is made up for in the thought provocation is designed to generate. 

Don’t give DB transfer advice? well don’t put the popcorn away yet, this is no art nouveau film, we don’t think this has been prepared for a niche audience, the points raised could apply to any advice you provide.

Have a look

Seriously, have a very good long hard look, you need to be fully aware of this to be able to answer any questions that you may receive from your clients, and possible more likely, you PI insurers.

We don’t think that your clients will be rushing to the FCA website to review this, but their will be plenty of consumer bodies and complaint handling firms that will be trying their level best to make sure this video is at the very top of your client’s playlist.

Advisers have nothing to fear from this video, as they will already be following a robust advice process, meeting the FCA expectations, that are very clearly and explicitly explained to clients, and indeed the video will be great for training new staff. But: you need to watch the video, as the last thing that you want to happen is not to be able to answer any questions from your client or PI insurers who may have watched it.

And the Oscar for the film most likely to increase PI costs, generate complaints and keep complaint handling firms in business, goes to…