Old Mutual Wealth has announced plans to launch a new Transfer Value Analysis (TVA) service on 14 May 2018 after suspending its old service in March this year following new regulatory guidance from the UK’s Financial Conduct Authority (FCA).
Old Mutual Wealth will now charge £150 plus VAT for each report, which will cover the cost of the TVA team, the software as well as the production of the report.
The company said that the new service will enable advisers receive an accurate report more quickly, with requests for a report will be submitted via a new tool.
Old Mutual Wealth UK distribution managing director Scott Goodsir said: “A final salary transfer is often the most important piece of advice that a client will ever receive and having all the right information is crucial. Our new TVA service will help us support advisers and their clients as demand for this advice continues to surge.
“The accurate production of a TVA report is a key element of the DB to DC pension transfer process and our 12 strong TVA team are well-equipped to provide swift and accurate analysis.”
The company has been offering TVA services for more than two decades and currently has a 12-member team. Its old TVA service was stopped after FCA stated that such services would be considered an inducement if offered for free.