The regulator published its much-anticipated policy statement PS20/6 (date) and guidance consultation GC20/1 on defined benefit transfer advice. Most of it will be unsurprising to industry, as much had been mooted prior to its publication, but it does bring some additional clarification what constitutes suitable advice for DB transfers. PS20/6 and GC20/1 build on two previous policy statements on DB transfer business. The guidance consultation ends in October.
After a couple of months of speculation, M&G has reached an agreement with Royal London to purchase its platform, Ascentric. The deal, subject to FCA approval, brings £14bn of assets and over 90,000 clients to the M&G, in what seemed at first like an oddly timed move.
Alliance Trust was saved from a fate worse than death when it was sold to Interactive Investor, a D2C platform, last year. Ever since, the industry has been wondering whether Interactive Investor would move into the advised platform arena or stick to its knitting. The wondering is finally over as it was announced that Embark is buying the adviser platform.