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PDCOB 12.3 Permitted post-view services

PDCOB 12.3.1R

1A firm must only offer or provide post-view services that:

  1. (1)

    relate to pensions and retirement planning or are a type of service that supports customers in understanding their pensions and view data to enable them to better understand and consider their retirement planning;

  2. (2)

    have been user-tested in accordance with PDCOB 12.6.1R;

  3. (3)

    do not include:

    1. (a)

      an offer to sell (which includes sending an application form for a product);

    2. (b)

      an offer to arrange for the sale or purchase of;

    3. (c)

      selling; or

    4. (d)

      arranging for the sale or purchase of (which includes sending an application form for a product),

    an investment to or for a customer; and

  4. (4)

    do not include investment advice or advising on pension transfers and pension opt-outs .

PDCOB 12.3.2G

1A firm is permitted to ask a customer to input data into the post-view service, such that post-view services can be provided, either by way of auto-populated data from the view services, pensions dashboard self-asserted data or a mixture of both.

PDCOB 12.3.3G

1Firms are reminded that they may require permission to carry on regulated activities other than regulated pensions dashboard activity if any post-view services amount to regulated activities.

PDCOB 12.3.4G

1Firms are reminded that when they provide post-view services, they must comply with their obligations in PRIN, including:

  1. (1)

    acting to deliver good outcomes for retail customers (Principle 12);

  2. (2)

    enabling and supporting retail customers to pursue their financial objectives (PRIN 2A.2.14R); and

  3. (3)

    designing and delivering support to retail customers such that it meets the needs of retail customers, including those with characteristics of vulnerability (PRIN 2A.6.2R).

PDCOB 12.3.5G

1Pursuant to PDCOB 12.3.1R(4), a firm is not permitted to offer a post-view service which amounts to advising on pension transfers and pension opt-outs. This includes abridged advice. However, a firm is permitted to offer post-view services which support and engage customers with their safeguarded benefits. A firm should ensure that such support and engagement does not stray into the regulated activity of advising on pension transfers and pension opt-outs and should consider the guidance in PERG 2.7.16GG.

PDCOB 12.3.6G

1Firms should consider how assumptions about future investment returns and charges can influence customers’ decision-making on transferring or converting safeguarded benefits. Firms should ensure that such assumptions do not result in the firm advising on pension transfers and pension opt-outs.