Understanding the risk associated with Defined Benefit transfer advice
We provide unique insight into the risks associated with transfer advice by combining an in depth understanding of loss assessment with our knowledge of the wider pensions industry.
There are many reasons why advising firms want to better understand the extent to which they are exposed to financial losses associated with historic pension transfer advice.
Getting to grips with this risk is very difficult because it depends both on the extent to which compliant advice has been given and on the size of the potential redress payment. Whilst advising firms may be able to take a view on the risk of advice being found unsuitable, they will typically not have the pensions or redress background to take a view on potential compensation.
OAC Redress Solutions apply an actuarial approach to help you understand the factors that affect the potential magnitude of redress payments. We can work with you to identify key features in a particular book of business which may increase or reduce potential risk.
We increasingly find that our clients want to understand the risk associated with Defined Benefit transfer advice.
This might be because they need to demonstrate an understanding of the risk to their PI insurers or regulators, or it might be required as part of the corporate governance process. Equally, firms may be looking to acquire a book of business and want to understand their exposure to risk.
OAC Redress Solutions are uniquely placed to help firms understand their exposure.
We use a variety of techniques to educate and inform our clients about the amount of risk in their business.
- Providing training about how redress is calculated and the factors that drive the magnitude of the compensation payment
- Reviewing a book of business and offering insight as to any specific features which may impact on its associated risk.
- Calculating redress accurately for sample cases using our established software
OAC work flexibly, listening to our clients’ needs and offering a service that suits them.
Depending on your objectives, we will guide you through the best way to understand your risk based on a combination of the approaches outlined above.
OAC’s redress experts will bring extensive knowledge, experience and processes to help your business resolve complex redress issues ensuring you get the right outcome every time.
- Over 25 years of expertise and knowledge in redress
- An accessible and professional consultancy service which enables you to understand the complexities of redress so that you can make the right choices for your business.
- Robust, compliant calculations prepared using established software