The Future of Pensions Advice: Part 2 – ‘Drawdown – have we learned the lesson?’
Check your answers
1. In the 2008 FSA thematic review, what percentage of files reviewed where deemed ‘unclear’?
2. What special regulatory permissions are required to advise on pension switches without safeguarded benefits?
a. The adviser must be a Pension Transfer Specialist (PTS) and undertake Transfer Value Comparator (TVC) analysis
b. The adviser must be a Pension Transfer Specialist and the firm is required to hold specific transfer permissions
c. The adviser is not required to be a Pension Transfer Specialist, nor does the firm require specific transfer permissions
3. The investment term ‘maximum drawdown’ may be summarised as what?
a. Maximum Drawdown represents the worst running return over a period – for example, the longest running consecutive loss without making a gain
b. Maximum Drawdown represents the worst possible return over a period – for example, buying at a maximum price over the period and selling at the worst price
c. Maximum Drawdown represents the level of income drawn is deemed to be sustainable
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